Published on 3/17/2011 in the Prospect News High Yield Daily.
New Issue: EV Energy sells upsized $300 million 8% eight-year notes at par
By Paul A. Harris
Portland, Ore., March 17 - EV Energy Partners, LP, in conjunction with co-issuer EV Energy Finance Corp., priced an upsized $300 million issue of eight-year senior notes (B3/B-/) at par to yield 8% on Thursday, according to an informed source.
The yield printed at the tight end of the 8% to 8¼% price talk.
RBC Capital Markets was the left bookrunner for the issue, which was upsized from $250 million.
J.P. Morgan Securities LLC, Wells Fargo Securities LLC and BNP Paribas Securities Corp. were the joint bookrunners.
Proceeds, along with proceeds from the partnership's March 2011 equity offering, will be used to repay borrowings under its revolver, which were drawn to finance a Barnett Shale acquisition.
The issuer is a Houston-based master limited partnership engaged in acquiring, producing and developing oil and natural gas properties.
| Issuer: | EV Energy Partners, LP
|
| Co-issuer: | EV Energy Finance Corp.
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | April 15, 2019
|
| Securities: | Senior notes
|
| Left bookrunner: | RBC Capital Markets, LLC
|
| Joint bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BNP Paribas Securities Corp.
|
| Co-lead managers: | Citigroup Global Markets Inc. Credit Suisse Securities (USA) LLC
|
| Co-managers: | BBVA Securities Inc., Scotia Capital (USA) Inc., ING Financial Markets LLC, Mitsubishi UFJ Securities (USA), Inc., U.S. Bancorp Investments, Inc., Comerica Securities, Inc., Credit Agricole Securities (USA) Inc.
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 517 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until April 15, 2015, then callable at 104, 102, par on and after April 15, 2017
|
| Equity clawback: | 35% at 108 until April 15, 2014
|
| Change-of-control put: | 101%
|
| Trade date: | March 17
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| Settlement date: | March 22
|
| Ratings: | Moody's: B3
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| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 8% to 8¼%
|
| Marketing: | Roadshow
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