Published on 1/14/2004 in the Prospect News High Yield Daily.
New Issue: Exco Resources upsized $350 million seven-year notes yield 7¼%
By Paul A. Harris
St. Louis, Jan. 14 - Exco Resources priced an upsized $350 million of seven-year senior notes (B2/B) Wednesday at par to yield 7¼%, or 376 basis points over Treasuries, market sources said.
The issue, which matures Jan. 15, 2011, was increased from $300 million.
Price talk was 7½%-7¾%.
Credit Suisse First Boston ran the books on the Rule 144A deal. Banc One Capital Markets was joint lead manager. The co-managers were Banc of America Securities, BNP Paribas, Comerica Securities, Fleet Securities, Scotia Capital and TD Securities.
The Dallas-based oil and gas exploration and production company plans to use proceeds to fund the acquisition of Nuon Energy & Water.
Issuer: | Exco Resources
|
Amount: | $350 million (from $300 million)
|
Maturity: | Jan. 15, 2011
|
Security description: | Senior notes
|
Bookrunner: | Credit Suisse First Boston
|
Joint lead manager: | Banc One Capital Markets
|
Co-managers: | Banc of America Securities, BNP Paribas, Comerica Securities, Fleet Securities, Scotia Capital, TD Securities
|
Coupon: | 7¼%
|
Price: | Par
|
Yield: | 7¼%
|
Spread: | 376 basis points
|
Call features: | Callable after Jan. 15, 2007 at 104.438, 103.625, 101.813, par on Jan. 15, 2010 and thereafter
|
Equity clawback: | Until Jan. 15, 2007 for 35% at 107.25
|
Settlement date: | Jan. 20
|
Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
Price talk: | 7½%-7¾%
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.