By Paul A. Harris
Portland, Ore., July 15 – Triangle USA Petroleum Corp., the wholly owned exploration and production subsidiary of Triangle Petroleum Corp., priced an upsized $450 million issue of eight-year senior notes (Caa1/CCC+/) at par to yield 6¾% on Tuesday, according to a market source.
The deal was upsized from $350 million.
The yield printed at the tight end of the 6¾% to 7% yield talk.
J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and BofA Merrill Lynch managed the sale.
The Denver-based energy company plans to use the proceeds to pay down and terminate its second-lien credit facility, to reimburse Triangle Petroleum for capital contributions to Triangle USA in connection with closing the acquisitions of Williston Basin properties previously announced on May 14, to repay a portion of outstanding debt under Triangle USA’s senior credit facility and for other general corporate purposes.
| Issuer: | Triangle USA Petroleum Corp.
|
| Amount: | $450 million, increased from $350 million
|
| Maturity: | July 15, 2022
|
| Securities: | Senior notes
|
| Underwriters: | J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, BofA Merrill Lynch
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 440 bps
|
| Call protection: | Three years
|
| Trade date: | July 15
|
| Settlement date: | July 18
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Price talk: | 6¾% to 7%
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
