New Issue: Neptune Energy sells downsized, revised $300 million tap of 6 5/8% notes at par

By Paul A. Harris

Portland, Ore., Oct. 18 – Neptune Energy priced a downsized and restructured $300 million issue senior notes on Friday, according to market sources.

The revised deal came in the form of an add-on to the Neptune Energy Group Midco Ltd./Neptune Energy Bondco plc 6 5/8% senior notes due May 15, 2025 which priced at par.

The issue price came at the cheap end of the 100 to 100.5 price talk.

The deal size decreased from $500 million.

The structure underwent a revision. It had been launched into the market as a new seven-year senior note that was non-callable for three years.

The London-based energy exploration and production company plans to use the proceeds to pay down its RBL facility.

Issuer:	Neptune Energy Bondco plc
Amount:	$300 million, decreased from $500 million
Maturity:	May 15, 2025 (revised from planned seven-year maturity)
Security description:	Add-on to 6 5/8% notes due May 15, 2025
Global coordinators:	JPMorgan (bill and deliver), BNP Paribas, Citigroup, DNB, HSBC and SG
Bookrunners:	ABN Amro, ANZ, Bank of China, BMO, Commonwealth Bank of Australia, Deutsch Bank, Goldman Sachs, Lloyds, Morgan Stanley, Natixis, RBC, Scotia and SMBC Nikko
Coupon:	6 5/8%
Price:	Par
Spread:	502 bps
Trade date:	Oct 18
Settlement date:	Oct 25
Existing ratings:	Moody's: B1
	S&P: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	100 to 100.5

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