Encino Acquisition driving by with $500 million seven-year notes; initial talk low-9% area

By Paul A. Harris

Portland, Ore., April 24 – Encino Acquisition Partners Holdings, LLC plans to price a $500 million offering of senior notes due 2031, according to market sources.

Initial guidance has the deal coming to yield in the low-9% area, a trader said.

The Rule 144A and Regulation S for life seven-year notes become subject to an initial call after three years at par plus 50% of the coupon. They feature a 40% equity clawback at par plus the full coupon during the non-call period and have a 101 poison put.

BofA Securities Inc. is the left bookrunner. CIBC World Markets Corp., Citigroup Global Markets Inc., Fifth Third Securities Inc., KeyBanc Capital Markets Inc., Mizuho Securities USA Inc., PNC Capital Markets LLC, Truist Securities Inc., Wells Fargo Securities LLC, RBC Capital Markets LLC and Scotia Capital (USA) Inc. are the joint bookrunners.

TD Securities (USA) LLC, U.S. Bancorp Investments Inc., Comerica Securities Inc. and Goldman Sachs & Co. LLC are the co-managers.

The oil and gas exploitation and production company plans to use the proceeds to repay debt under its revolving credit facility.

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