Gulfport Energy talks $600 million 8.5-year notes at 6¼% area yield

By Paul A. Harris

Portland, Ore., Dec. 15 – Gulfport Energy Corp. talked its $600 million offering of 8.5-year senior notes (B2) to yield in the 6¼% area, according to a market source.

Books were scheduled to close at 5 p.m. ET on Thursday, and the deal was expected to price thereafter; however, no terms were available at press time.

Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Barclays, KeyBanc Capital Markets, PNC Capital Markets, Scotia Capital and Wells Fargo Securities LLC are the joint bookrunners for the Rule 144A and Regulation S with registration rights offering.

The notes become callable after May 2020 at par plus 75% of the coupon and feature a 35% equity clawback during the non-call period. There is a 101% poison put.

Proceeds will be used to fund the acquisition of 46,400 acres in the core of the South Central Oklahoma Oil Province (SCOOP) from Vitruvian II Woodford, LLC.

Gulfport Energy’s operations are focused primarily in the Utica Shale, the Louisiana Gulf Coast and the SCOOP.

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