EnVen Energy talks $325 million five-year notes to yield 11%-11¼%; pricing Tuesday

By Paul A. Harris

Portland, Ore., Feb. 6 – EnVen Energy Corp. talked its $325 million offering of five-year senior secured second-lien notes (Caa1/BB-) to yield 11% to 11¼%, according to market sources.

The Rule 144A and Regulation S deal is expected to price on Tuesday.

Official talk comes well wide of the 9½% to 10% initial guidance, sources say.

J.P. Morgan Securities LLC is leading the offering.

The notes come with two years of call protection.

The Houston-based independent oil and natural gas company plans to use the proceeds to pay off its revolving credit facility and second-lien term loan, with any remaining proceeds to be used for general corporate purposes.

In connection with the notes offering EnVen Energy intends to amend its revolver to increase its borrowing base to $231.25 million and to extend the maturity date to 2022.

© 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.