Energy Partners $150 million seven-year notes talked at 8¼% area, pricing Tuesday

By Paul A. Harris

St. Louis, July 28 - Price talk of a yield in the 8¼% area emerged Monday on Energy Partners, Ltd.'s upcoming sale of $150 million seven-year senior notes (B2/B+), according to a syndicate source.

The deal is expected to price on Tuesday, the source added.

Credit Suisse First Boston is the bookrunner on the Rule 144A sale. Banc One Capital Markets, BNP Paribas, JP Morgan, Merrill Lynch, RBC and Wells Fargo Capital are co-managers.

The notes will be non-callable for four years.

Energy Partners will use proceeds to redeem its 11% senior subordinated notes due 2009, to pay down its revolver and for general corporate purposes, including acquisitions.

The prospective issuer is a New Orleans-based independent oil and natural gas exploration and production company.

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