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Earthstone Energy talks $550 million five-year notes to yield 8% to 8¼%; pricing Thursday
By Paul A. Harris
Portland, Ore., April 7 – Earthstone Energy Holdings, LLC talked its $550 million offering of five-year senior notes (B3/B+/B+) to yield 8% to 8¼%, according to market sources.
Official talk comes at the wide end of initial guidance in the 8% area.
Books close at 1 p.m. ET Thursday, and the Rule 144A and Regulation S for life deal is set to price thereafter.
Left bookrunner RBC Capital Markets Corp. will bill and deliver. Wells Fargo Securities LLC and BofA Securities, Inc. are active bookrunners. Truist Securities, Inc., Citizens Capital Markets Inc., KeyBanc Capital Markets Inc., U.S. Bancorp Investments Inc., Fifth Third Securities Inc. and PNC Capital Markets LLC are joint bookrunners.
First Horizon and Comerica are the co-managers.
The notes become callable after two years at par plus 75% of the coupon.
The prospective issuer is an oil and gas exploration and production based in The Woodlands, Tex.
Proceeds will be used to repay debt, and for general corporate purposes.
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