By Paul A. Harris
Portland, Ore., Jan. 19 – Indigo Natural Resources LLC priced a $700 million issue of eight-year senior notes (existing ratings B3/BB-) at par to yield 5 3/8% in a Tuesday drive-by, according to market sources.
The yield printed at the tight end of yield talk in the 5½% area. Initial guidance was 5½% to 5¾%.
J.P. Morgan Securities LLC was at the left of a syndicate of bookrunners that also included Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC.
The Houston-based independent natural gas company plans to use the proceeds to redeem its outstanding 6 7/8% senior notes due 2026 and to pay down its revolving credit facility.
| Issuer: | Indigo Natural Resources LLC
|
| Amount: | $700 million
|
| Maturity: | Feb. 1, 2029
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Spread: | 448 bps
|
| Call protection: | Three years
|
| Trade date: | Jan. 19
|
| Settlement date: | Feb. 2
|
| Existing ratings: | Moody's: B3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5½% area
|
| Marketing: | Drive-by
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
