Published on 10/14/2005 in the Prospect News High Yield Daily.
New Issue: Hilcorp Energy upsizes to $175 million, 10-year notes price at par to yield 7¾%
By Paul A. Harris
St. Louis, Oct. 14 - Hilcorp Energy Co., issuing in conjunction with Hilcorp Finance Co., priced an upsized $175 million issue of 10-year senior notes (expected ratings B3/B) at par to yield 7¾%, according to a market source.
The yield came on top of the 7¾% price talk. The issue size was increased by $25 million from $150 million.
Deutsche Bank Securities ran the books for the quick-to-market Rule 144A issue.
Proceeds will be used to fund the tender for $125 million of the company's 10½% senior notes due 2010 and for general corporate purposes.
The issuer is a Houston-based oil and gas exploration and production company.
Issuer: | Hilcorp Energy Co./Hilcorp Finance Co.
|
Amount: | $175 million (increased from $150 million)
|
Maturity: | Nov. 1, 2015
|
Security description: | Senior notes
|
Bookrunner: | Deutsche Bank Securities
|
Co-managers: | JP Morgan, Wachovia Securities
|
Coupon: | 7¾%
|
Price: | Par
|
Yield: | 7¾%
|
Spread: | 326 basis points
|
Call features: | Callable after Nov. 1, 2010 at 103.875, 102.583, 101.292, then par on and after Nov. 1, 2013
|
Trade date: | Oct. 14
|
Settlement date: | Oct. 27
|
Expected ratings: | Moody's: B3
|
| Standard & Poor's: B
|
Price talk: | 7¾% area
|
|
© 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.