Published on 4/24/2024 in the Prospect News High Yield Daily.
New Issue: Encino Acquisition prices $500 million 8¾% seven-year notes at par
By Paul A. Harris
Portland, Ore., April 24 – Encino Acquisition Partners Holdings, LLC priced a $500 million issue of seven-year senior notes (B3/B-/B) at par to yield 8¾% in a Wednesday drive-by, according to market sources.
The yield printed at the tight end of the 8¾% to 9% yield talk. Initial guidance was in the low-9% area.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were CIBC World Markets Corp., Citigroup Global Markets Inc., Fifth Third Securities Inc., KeyBanc Capital Markets LLC, Mizuho Securities USA Inc., PNC Capital Markets LLC, Truist Securities Inc., Wells Fargo Securities LLC, RBC Capital Markets LLC and Scotia Capital (USA) Inc.
The oil and gas exploitation and production company plans to use the proceeds to repay debt under its revolver.
| Issuer: | Encino Acquisition Partners Holdings, LLC
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| Amount: | $500 million
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| Issue: | Senior notes
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| Maturity: | May 1, 2031
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| Left bookrunner: | BofA Securities Inc.
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| Joint bookrunners: | CIBC World Markets Corp., Citigroup Global Markets Inc., Fifth Third Securities Inc., KeyBanc Capital Markets LLC, Mizuho Securities USA Inc., PNC Capital Markets LLC, Truist Securities Inc., Wells Fargo Securities LLC, RBC Capital Markets LLC and Scotia Capital (USA) Inc.
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| Co-managers: | TD Securities (USA) LLC, U.S. Bancorp Investments Inc., Comerica Securities Inc. and Goldman Sachs & Co. LLC
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| Coupon: | 8¾%
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| Price: | Par
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| Yield: | 8¾%
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| Spread: | 412 bps
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| First call: | May 1, 2027 at 104.375
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| Trade date: | April 24
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| Settlement date: | April 29
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| Ratings: | Moody’s: B3
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| S&P: B-
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| Fitch: B
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 8¾% to 9%
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| Marketing: | Drive-by
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