PDC Energy starts roadshow for $400 million 10-year senior notes

By Paul A. Harris

Portland, Ore., Sept. 25 - PDC Energy, Inc. began a roadshow on Tuesday for a $400 million offering of 10-year senior notes (expected ratings B3/B-), according to a market source.

The notes are expected to price on Friday.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Wells Fargo Securities LLC, BMO Securities, Credit Agricole CIB, RBS Securities Inc. and Scotia Capital are the joint bookrunners.

Capital One Investment Services LLC, Comerica Securities, Global Hunter Securities, Johnson Rice & Co. LLC, KeyBanc Capital Markets, Natixis Securities and US Bancorp are the co-managers.

The Rule 144A and Regulation S with registration rights notes come with five years of call protection.

The Denver-based independent exploration and production company plans to use the proceeds to redeem its 12% notes due 2018, to repay bank debt and for general corporate purposes.

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