Published on 10/10/2012 in the Prospect News High Yield Daily.
New Issue: Endeavour prices $54 million tack-on to 12% first-priority notes due 2018 at 109
By Paul A. Harris
Portland, Ore., Oct. 10 - Endeavour International Corp. priced a $54 million tack-on to its 12% first-priority notes due March 1, 2018 (Caa1/CCC+/) at 109 to yield 9.436% on Wednesday, according to an informed source.
Credit Suisse Securities (USA) LLC was the bookrunner for the quick-to-market transaction.
The Houston-based oil and gas exploration and production company plans to use the proceeds to redeem, repurchase or otherwise retire its outstanding 12% senior subordinated notes due 2014 and to finance a portion of the construction, improvement and other capital costs related to its U.S. and U.K oil and natural gas properties.
Issuer: | Endeavour International Corp.
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Face amount: | $54 million
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Proceeds: | $58.9 million
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Maturity: | March 1, 2018
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Security description: | Tack-on to 12% first-priority notes due March 1, 2018
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Bookrunner: | Credit Suisse Securities (USA) LLC
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Coupon: | 12%
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Price: | 109
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Yield: | 9.436%
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Spread: | 887 bps
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Call protection: | Make-whole call at Treasuries plus 50 bps until March 1, 2015, then callable at 106
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Equity clawback: | 35% at 112 until March 1, 2015
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Change-of-control put: | 101%
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Trade date: | Oct. 10
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Settlement date: | Oct. 15 with accrued interest
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Ratings: | Moody's: Caa1
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| Standard & Poor's CCC+
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Distribution: | Rule 144A with registration rights
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Original issue: | $350 million issue priced at 96 to yield 12.975% on Feb. 13, 2012, in an overall $500 million transaction, which also included $150 million of 12% second-priority senior secured notes due June 1, 2018
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Total issue size: | $404 million
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