New Issue: Energy Partners prices $150 million seven-year notes to yield 8¾%

By Paul A. Harris

St. Louis, July 29 - Energy Partners, Ltd priced $150 million of senior notes due Aug. 1, 2010 (B2/B+) at par Tuesday to yield 8¾%, according to a syndicate source.

Price talk was for a yield in the 8¼% area.

Credit Suisse First Boston was bookrunner on the Rule 144A deal. The co-managers were Banc One Capital Markets, BNP Paribas, JP Morgan, Merrill Lynch & Co., RBC Capital Markets and Wells Fargo.

Proceeds will be used to redeem the company's 11% senior subordinated notes due 2009, to pay down its revolver and for general corporate purposes, including acquisitions.

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

Issuer:	Energy Partners, Ltd.
Amount:	$150 million
Maturity:	Aug. 1, 2010
Security description:	Senior notes
Bookrunner:	Credit Suisse First Boston
Co-managers:	Banc One Capital Markets, BNP Paribas, JP Morgan, Merrill Lynch, RBC Capital Markets, Wells Fargo
Coupon:	8¾%
Price:	Par
Yield:	8¾%
Spread:	484 basis points over 5¾% Treasury due August 2010
Call features:	Callable on Aug. 1, 2007 at 104.375, then 102.188, declining to par on Aug. 1, 2009 and thereafter
Equity clawback:	Until Aug. 1, 2006 at 108.750 for up to 35%
Settlement date:	Aug. 5, 2003 (T+5)
Ratings:	Moody's: B2
	Standard & Poor's: B+
Rule 144A Cusip:	29270UAA3
Price talk:	8¼% area

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