WildHorse Resource to sell $200 million tap of 6 7/8% notes due 2025 in Wednesday drive-by

By Paul A. Harris

Portland, Ore., April 18 – WildHorse Resource Development Corp. plans to price a $200 million add-on to its 6 7/8% senior notes due Feb. 1, 2025 (expected ratings Caa1/B) on Wednesday afternoon trailing a late-morning conference call with investors, according to an informed source.

Initial price talk has the deal coming in the 101 area.

Wells Fargo Securities LLC is the bookrunner for the Rule 144A and Regulation S with registration rights deal.

The notes feature a make-whole call until Feb. 1, 2020, then become callable at 105.156. They also feature a 35% equity clawback at 106.875 until Feb. 1, 2020.

The Houston-based independent oil and natural gas company plans to use the proceeds to repay outstanding debt under its revolver and for general corporate purposes.

The original $350 million issue priced at 99.244 to yield 7% on Jan. 27, 2017. A previous $150 million add-on priced at 98.26 to yield 7.181% on Sept. 15, 2017.

Upon registration new add-on notes will become fungible with existing notes.

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