FTS talks $500 million eight-year secured notes to yield at 6¼% area

By Paul A. Harris

Portland, Ore., April 10 - FTS International, Inc. talked its $500 million offering of eight-year senior secured notes (B2/B-) to price with a yield in the 6¼% area, according to a syndicate source.

Books close at the end of the business day on Thursday, except for accounts on the West Coast of the United States.

The deal is set to price Friday morning.

Wells Fargo Securities LLC is the left bookrunner. BofA Merrill Lynch, UBS Investment Bank and Barclays are the joint bookrunners.

The Rule 144A and Regulation S with registration rights notes come with three years of call protection.

The Fort Worth, Texas-based services provider to the oil and gas industry plans to use the proceeds to repay all borrowings outstanding under its term loan.

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