Endeavor Energy to price $500 million tap of 5¾% notes due 2028 in Tuesday drive-by

By Paul A. Harris

Portland, Ore., Nov. 12 – Endeavor Energy Resources, LP and EER Finance, Inc. plan to price a $500 million add-on to their 5¾% senior notes due Jan. 30, 2028 (existing ratings B1/BB-) in a quick-to-market Tuesday trade following a mid-morning conference call with investors, according to market sources.

Initial price talk is in the 103.5 area, a trader said.

Joint physical bookrunner Goldman Sachs & Co. LLC will bill and deliver. Citigroup Global Markets Inc. is also a joint physical bookrunner. BMO Securities, MUFG, PNC Capital Markets LLC, BofA Securities Inc. and J.P. Morgan Securities LLC are the joint bookrunners.

BB&T Capital Markets, Capital One Securities Inc., CIBC World Markets Corp., Credit Agricole CIB, Iberia and Scotia Capital (USA) Inc. are the senior co-managers.

Amegy, Citizens Bank, Fifth Third Bank and SG CIB are the co-managers.

The Rule 144A and Regulation S for life add-on notes become callable on Jan. 30, 2023 at 102.857.

The Midland, Tex.-based oil and gas exploration and production company plans to use the proceeds to repay debt under its revolver and for general partnership purposes.

The original $500 million issue priced in November 2017.

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