By Paul A. Harris
Portland, Ore., Feb. 11 - Afren plc priced a $50 million add-on to its 11½% senior notes due Feb. 1, 2016 (existing ratings /B-/B) at 101.392 on Friday, according to a market source.
The resulting yield to worst is 11 1/8%.
The quick-to-market deal launched Friday at 11 1/8% and played to a mix of high-yield and emerging markets accounts, the source said.
Deutsche Bank Securities, Goldman Sachs & Co. and BNP Paribas were the joint bookrunners.
The London-based independent oil and gas exploration and production company has operations in Western Africa.
Afren plans to use the proceeds for general corporate purposes.
| Issuer: | Afren plc
|
| Amount: | $50 million
|
| Maturity: | Feb. 1, 2016
|
| Security description: | Add-on to 11½% senior secured notes
|
| Bookrunners: | Deutsche Bank Securities, Goldman Sachs & Co., BNP Paribas
|
| Coupon: | 11½%
|
| Price: | 101.392
|
| Yield: | 11 1/8%
|
| Call protection: | Non-callable (make-whole at Treasuries plus 50 bps)
|
| Equity clawback: | 35% at 111.5 until Feb. 1, 2014
|
| Change-of-control put: | 101%
|
| Trade date: | Feb. 11
|
| Settlement date: | Feb. 16 with accrued interest
|
| Existing ratings: | Standard & Poor's: B-
|
| Fitch: B
|
| Price talk: | Launched with 11 1/8% yield
|
| Marketing: | Quick to market
|
| Original issue: | $450 million issue priced at 99.077 on Jan. 27, 2011
|
| Total issue size: | $500 million
|
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