Energy Partners launches $450 million two-part note offering

By Paul A. Harris

St. Louis, April 9 - Energy Partners Ltd. will begin a roadshow on Wednesday for a $450 million two-part offering of senior unsecured notes via bookrunner Banc of America Securities LLC, according to an informed source.

An investor call is scheduled for 12:30 p.m. ET on Wednesday.

The roadshow warps up on April 17.

The New Orleans-based independent oil and natural gas exploration and production company is offering a tranche of six-year floating-rate notes, which will become callable after one year at 102.

In addition Energy Partners is offering a tranche of eight-year fixed-rate notes, which come with four years of call protection.

BNP Securities, Merrill Lynch & Co., UBS Investment Bank, Friedman Billings Ramsey and Johnson Rice & Co. will be the co-managers for the notes, which are being offered via Rule 144A with registration rights and via Regulation S.

Proceeds, together with a new revolver, will be used to fund the tender for up to 8.7 million common shares at $23 per share and $150 million 8¾% senior notes due 2010, and to refinance an existing revolver.

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