Endeavour readies launch of $255 million in term loans for Tuesday

By Sara Rosenberg

New York, Jan. 6 - Endeavour International Holding will hold a conference call at 11 a.m. ET on Tuesday to launch $255 million of senior secured term loans due Nov. 30, 2017, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The debt includes a $125 million term loan that is collateral for letters of credit and a $130 million term loan that is a procurement facility, the source said.

The loans will be sold as a strip and are non-callable for one year, then at par, except for $98 million of the procurement facility, which can be called at par for six months.

Covenants include maximum leverage, minimum interest coverage and PV-10 to total debt, the source added.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Commitments are due on Jan. 21, the source added.

Endeavour International is a Houston-based oil and gas exploration and production company.

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