New Issue: RSP Permian sells upsized $450 million 5¼% eight-year notes at par to yield 5.249%

By Paul A. Harris

Portland, Ore., Dec. 12 – RSP Permian, Inc. priced an upsized $450 million issue of 5¼% eight-year senior notes (B3/B+) at par to yield 5.249% on Monday, according to a market source.

The issue size was increased from $350 million.

The yield printed at the tight end of the 5¼% to 5½% yield talk and inside of the 5½% early guidance.

Active bookrunner Barclays will bill and deliver. RBC Capital Markets Corp. was also an active bookrunner.

Goldman Sachs & Co. and J.P. Morgan Securities LLC are passive bookrunners.

The Dallas-based oil and gas company plans to use the proceeds to partially fund the cash portion of the purchase price of the Silver Hill E&P II, LLC (SHEP II) acquisition.

Issuer:	RSP Permian, Inc.
Amount:	$450 million, increased from $350 million
Maturity:	Jan. 15, 2025
Securities:	Senior notes
Active bookrunners:	Barclays (bill and deliver), RBC Capital Markets Corp.
Passive bookrunners:	Goldman Sachs & Co., J.P. Morgan Securities LLC
Co-managers:	Citigroup Global Markets Inc., BofA Merrill Lynch, Comerica, ABN Amro, MUFG, U.S. Bancorp Investments Inc., BBVA Securities Inc., Scotia Capital, CIBC World Markets Corp., Capital One, ING, BMO Securities, Fifth Third Bank, TD Securities (USA) LLC, KeyBanc Capital Markets, BB&T
Coupon:	5¼%
Price:	Par
Yield:	5.249%
Spread:	284 bps
First call:	Jan. 15, 2020 at 103.938
Trade date:	Dec. 12
Settlement date:	Dec. 27
Ratings:	Moody's: B3
	S&P: B+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	5¼% to 5½%
Marketing:	Quick to market

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