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Aethon United starts roadshow for $750 million five-year notes; initial talk in 8¾% area
By Paul A. Harris
Portland, Ore., Jan. 25 – Aethon United BR LP and Aethon United Finance Corp. began a roadshow for a $750 million offering of five-year senior notes (expected ratings B3/B/B) on Monday, according to market sources.
Initial guidance is in the 8¾% area, a bond trader said.
The roadshow wraps up on Wednesday, and the Rule 144A and Regulation S for life deal is set to price later the same day.
Left lead bookrunner RBC Capital Markets Corp. will bill and deliver. J.P. Morgan Securities LLC, Truist Securities Inc. and Citigroup Global Markets Inc. are joint active bookrunners. BofA Securities Inc., BBVA Securities Inc., CIBC World Markets Corp., Citizens Capital Markets Inc. and KeyBanc Capital Markets Inc. are joint bookrunners.
CIT Capital Securities LLC, EIG, Jefferies LLC and TD Securities (USA) LLC are co-managers.
The notes become callable after two years at par plus 50% of the coupon.
The Dallas-based private oil and gas company plans to use the proceeds to refinance its second-lien term loan, as well as to pay down its revolver and for general corporate purposes.
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