Extraction Oil & Gas to sell $600 million eight-year notes Thursday

By Paul A. Harris

Portland, Ore., Jan. 18 – Extraction Oil & Gas, Inc. plans to price a $600 million offering of eight-year senior notes (B3//BB) in a quick-to-market Thursday sale following a mid-morning conference call with investors, according to a syndicate source.

Credit Suisse Securities (USA) LLC, Barclays, Goldman Sachs & Co., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are joint bookrunners for the Rule 144A and Regulation S for life offering.

The notes become callable after three years at par plus 75% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.

The Denver-based oil and gas producer plans to use the proceeds to refinance its 7 7/8% senior notes due 2021.

Extraction Oil & Gas is focused on Central Colorado’s Wattenberg Field.

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