Published on 11/5/2021 in the Prospect News Preferred Stock Daily.
New Issue: Tellurian prices $50 million 8.25% $25-par seven-year notes
By Wendy Van Sickle
Columbus, Ohio, Nov. 5 – Tellurian Inc. sold $50 million 8.25% seven-year notes (Egan-Jones: BBB+) in a $25-par offering, according to an FWP filed with the Securities and Exchange Commission on Friday.
There is a 30-day greenshoe for an additional $7.5 million of notes.
The notes are callable beginning Nov. 30, 2023 at $25.75, beginning Nov. 30, 2024 at $25.50, beginning Nov. 30, 2025 at $25.25 and beginning Nov. 30, 2026 at par. The notes may also be redeemed before Nov. 30, 2023 at par under certain conditions.
Interest will be payable quarterly beginning Oct. 31.
B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc. and William Blair & Co., LLC are acting as joint bookrunning managers. EF Hutton is acting as lead manager.
The company plans to use proceeds for general corporate purposes, including the potential acquisition of upstream assets.
Tellurian is a natural gas company based in Houston.
| Issuer: | Tellurian Inc.
|
| Issue: | Senior notes
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| Amount: | $50 million
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| Greenshoe: | $7.5 million
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| Maturity: | Nov. 30, 2028
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| Bookrunners: | B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc. and William Blair & Co., LLC
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| Co-managers: | Aegis Capital Corp., Alexander Capital LP, Boenning & Scattergood, Inc., Colliers Securities LLC, Newbridge Securities Corp., Revere Securities LLC, Wedbush Securities Inc. and B.C. Ziegler and Co.
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| Coupon: | 8.25%
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| Price: | Par of $25.00
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| Yield: | 8.25%
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| Call features: | Make-whole call until Nov. 30, 2023; after that date at $25.75, beginning Nov. 30, 2024 at $25.50, beginning Nov. 30, 2025 at $25.25 and beginning Nov. 30, 2026 at par
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| Announcement date: | Nov. 5
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| Trade date: | Nov. 8
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| Settlement date: | Nov. 10
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| Rating: | Egan-Jones: BBB+
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| Distribution: | SEC registered
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| Listing: | NYSE American: TELZ
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| Cusip: | 87968A203
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