Rockcliff Energy talks $600 million eight-year notes at 5 5/8%-5 7/8%; pricing Tuesday

By Paul A. Harris

Portland, Ore., Sept. 27 – Rockcliff Energy II LLC talked its $600 million offering of eight-year senior notes (B3/B+/B+) to yield 5 5/8% to 5 7/8%, tighter than initial guidance in the 6% area, according to market sources.

Books close at 11 a.m. ET on Tuesday, and the deal, which kicked off on a Monday investor call, is set to price thereafter.

Left active bookrunner RBC Capital Markets LLC will bill and deliver. J.P. Morgan Securities LLC and Wells Fargo Securities LLC are joint active bookrunners. CIBC World Markets Corp., Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., MUFG, Truist Securities Inc., U.S. Bancorp Investments Inc., Citizens Capital Markets Inc., Fifth Third Securities Inc. and Mizuho Securities USA Inc. are joint bookrunners.

Capital One Securities Inc. and Comerica Securities Inc. are senior co-managers. Zions is a co-manager.

The Rule 144A and Regulation S for life notes come with three years of call protection.

The Houston-based natural gas development and production company plans to use the proceeds to repay debt and for general corporate purposes.

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