New Issue: Energy Partners sells $210 million seven-year notes at par to yield 8¼%

By Paul A. Harris

Portland, Ore., Feb. 4 - Energy Partners, Ltd. priced a $210 million issue of seven-year senior notes (Caa1/B-/) at par to yield 8¼% on Friday, according to an informed source.

The yield printed at the tight end of the 8¼% to 8½% price talk.

Jefferies & Co. was the left bookrunner. BMO Nesbitt Burns was the joint bookrunner.

Proceeds will be used to acquire some shallow-water Gulf of Mexico shelf oil and natural gas interests.

The issuer is an independent oil and natural gas exploration and production company based in New Orleans and Houston.

Issuer:	Energy Partners, Ltd.
Amount:	$210 million
Maturity:	Feb. 15, 2018
Securities:	Senior notes
Bookrunners:	Jefferies & Co., BMO Capital Markets
Co-managers:	Capital One Southcoast, Morgan Keegan, Natixis Bleichroeder, Scotia Capital
Coupon:	8¼%
Price:	Par
Yield:	8¼%
Call features:	Make-whole call at Treasuries plus 50 bps until Feb. 15, 2015, then callable at 104.125, 102.063, par on and after Feb. 15, 2017
Equity clawback:	35% at 108.25 until Feb. 15, 2014
Change-of-control put:	101%
Trade date:	Feb. 4
Settlement date:	Feb. 14
Ratings:	Moody's: Caa1
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	8¼% to 8½%
Marketing:	Roadshow

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