RSP Permian talks $450 million eight-year notes to yield in 6¾% area

By Paul A. Harris

Portland, Ore., Sept. 22 – RSP Permian, Inc. talked its $450 million offering of senior notes due 2022 (B3/B-) to yield in the 6¾% area, according to a market source.

Books close at noon ET Tuesday, and the deal is set to price thereafter.

Joint bookrunner Barclays will bill and deliver. RBC Capital Markets, J.P. Morgan Securities LLC and UBS Investment Bank are also joint bookrunners.

ABN Amro, BOSC Securities, Citigroup Global Markets Inc., Comerica and U.S. Bancorp Investments Inc. are the co-managers.

The Rule 144A and Regulation S with registration rights notes become callable after three years at par plus 75% of the coupon and feature a three-year 35% equity clawback at par plus the coupon and a 101% poison put.

The Dallas-based oil and gas exploration and production company plans to use the proceeds to repay revolver debt and for general corporate purposes.

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