Sanchez Energy starts roadshow for $700 million 8.5-year notes

By Paul A. Harris

Portland, Ore., June 11 – Sanchez Energy Corp. began a roadshow on Wednesday for a $700 million offering of senior notes due January 2023 (existing ratings B3/B-), according to a syndicate source.

The Rule 144A and Regulation S with registration rights deal is set to price during the week ahead.

RBC Capital Markets LLC is the left bookrunner. Credit Suisse Securities (USA) LLC is the joint bookrunner.

Capital One and SunTrust Robison Humphrey Inc. are the senior co-managers. BBVA, BB&T, BMO Securities, Credit Agricole CIB, Iberia Capital, ING, SG CIB and Mitsubishi UFJ Securities are the co-managers.

The notes come with four years of call protection and feature a three-year 35% equity clawback and a 101% poison put.

The Houston-based oil and gas exploration and development company plans to use the proceeds to fund the Catarina acquisition, to repay revolver debt including that incurred to fund the acquisition, and for general corporate purposes, including working capital.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.