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Moss Creek to price $650 million eight-year notes Jan. 8 week
By Paul A. Harris
Portland, Ore., Jan. 8 – Moss Creek Resources Holdings, Inc. plans to price $650 million of eight-year senior notes (expected ratings B3/B+) later in the Jan. 8 week, according to a syndicate source.
BMO Capital Markets Corp. is the left bookrunner for the Rule 144A for life offering. Wells Fargo Securities LLC, Citigroup Global Markets Inc. and Capital One are the joint bookrunners.
The notes become callable after three years at par plus 75% of the coupon and feature a three-year 35% equity clawback at par plus the coupon and a 101% poison put.
The Dallas-based independent oil and gas exploitation, production and acquisition company plans to use the proceeds to pay off its term loan and repay a portion of its revolver, with any remaining proceeds to be used for general corporate purposes.
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