By Paul A. Harris
Portland, Ore., April 29 – Independence Energy Finance LLC priced a $500 million issue of five-year senior notes (B1/B) at par to yield 7¼% on Thursday, according to a market source.
The deal priced wider than the 6½% to 6¾% yield talk.
Demand was around deal size on Thursday afternoon, according to a trader, who had the new Independence Energy 7¼% notes straddling par at 99½ bid, par ½ offered.
J.P. Morgan Securities LLC was the lead.
The independent oil and gas exploration and production company plans to use the proceeds to repay debt under its revolver.
| Issuer: | Independence Energy Finance LLC
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| Amount: | $500 million
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| Tenor: | Five years
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| Securities: | Senior notes
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| Lead: | J.P. Morgan Securities LLC
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| Coupon: | 7¼%
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| Price: | Par
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| Yield: | 7¼%
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| Spread: | 638 bps
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| Call protection: | Two years
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| Trade date: | April 29
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| Ratings: | Moody's: B1
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| S&P: B
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| Price talk: | 6½% to 6¾%
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| Marketing: | Roadshow
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