Published on 4/4/2014 in the Prospect News High Yield Daily.
New Issue: EnQuest sells upsized $650 million eight-year notes at par to yield 7%
By Paul A. Harris
Portland, Ore., April 4 - EnQuest plc priced an upsized $650 million issue of eight-year senior notes (B3/B/) at par to yield 7% on Friday, according to a market source.
The deal was upsized from $500 million.
The yield printed at the wide end of the 6¾% to 7% yield talk.
J.P. Morgan Securities LLC, Barclays, BNP Paribas Securities Corp., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. were the joint bookrunners.
The London-based petroleum exploration and production company plans to use the proceeds for general corporate purposes.
Issuer: | EnQuest plc
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Amount: | $650 million, increased from $500 million
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Maturity: | April 15, 2022
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Securities: | Senior notes
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Bookrunners: | J.P. Morgan Securities LLC, Barclays, BNP Paribas, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co.
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Co-manager: | Scotia Capital
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Coupon: | 7%
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Price: | Par
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Yield: | 7%
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Spread: | 445 bps
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Price talk: | 6¾% to 7%
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First call: | April 15, 2017 at 105.25
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Equity clawback: | 35% at 107 until April 15, 2017
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Trade date: | April 4
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Settlement date: | April 9
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Ratings: | Moody's: B3
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| Standard & Poor's: B
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Distribution: | Rule 144A and Regulation S for life
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Marketing: | Roadshow
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