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Energy Future talks $250 million tap of 6 7/8% notes due 2017 at 103.25 area; pricing Thursday
By Paul A. Harris and Aleesia Forni
Columbus, Ohio, Oct. 18 - Energy Future Intermediate Holding Co. LLC and EFIH Finance Inc. are planning to price a $250 million add-on to the existing 6 7/8% senior secured first-lien notes due Aug. 15, 2017 (existing ratings Caa3/B-) on Thursday in the area of 103.25, a market source said.
Books closed at 11 a.m. ET.
Citigroup Global Markets Inc. is the left bookrunner, while Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners.
Williams Capital Group LP is the co-manager for the Rule 144A and Regulation S with registration rights deal.
The notes will be callable on Feb. 15, 2015 at 103.438 and carry an equity clawback for 35% at 106.875 until Feb. 15, 2015 and a 101% poison put.
The Dallas-based regulated utility and power generation company, formerly TXU Corp., will use proceeds for general corporate purposes, which may include the payment of dividends to EFH Corp.
The original $250 million issue priced at par on Aug. 9, 2012 as part of an overall $800 million two-part transaction, which also included a $600 million add-on to Energy Future's existing 11¾% senior secured second-lien notes due March 1, 2022.
The Rule 144A notes will be immediately fungible with the existing 6 7/8% notes due 2017, and the Regulation S notes will have a temporary Cusip for a 40-day seasoning period.
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