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EP Energy to sell $600 million eight-year secured notes on Wednesday
By Paul A. Harris
Portland, Ore., Jan. 31 – EP Energy LLC plans to price $600 million of eight-year 1.5-lien senior secured notes on Wednesday, according to an informed source.
The Rule 144A and Regulation S for life offering was scheduled to be shopped on a Tuesday afternoon conference call with investors.
Credit Suisse Securities (USA) LLC is the bookrunner.
The notes become callable after three years at par plus 75% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.
The Houston-based oil and natural gas exploration and production company plans to use the proceeds to refinance its 1.5-lien term loan.
EP Energy is primarily focused on the Eagle Ford, Permian and Uinta basins.
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