RSP Permian to price $150 million tap of 6 5/8% notes due 2022 in Wednesday drive-by

By Paul A. Harris

Portland, Ore., Aug. 5 – RSP Permian, Inc. plans to price a $150 million add-on to its 6 5/8% senior notes due Oct. 1, 2022 (B3/B-) on Wednesday, according to a market source.

Goldman Sachs & Co. is the bookrunner for the Rule 144A and Regulation S with registration rights offering.

The notes become callable after Oct. 1, 2017 at 104.969.

The Dallas-based oil and gas exploration and production company plans to use the proceeds, together with about $157.5 million of proceeds from an equity offering, to fund a portion of the purchase of undeveloped acreage and oil and gas producing properties located in the Texas counties of Martin and Glasscock for about $274 million, and to repay a $50 million draw upon the revolver used to help fund the acquisition. Remaining proceeds will be used for general corporate purposes.

The original $500 million issue priced at par on Sept. 23, 2014.

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