By Paul A. Harris
Portland, Ore., Oct. 1 – Hilcorp Energy Co. priced an upsized $600 million issue of 10-year senior notes (Ba2/BB+) on Monday at par to yield 6¼%, according to market sources.
The issue size was increased from $500 million.
The yield printed at the tight end of the 6¼% to 6½% yield talk.
The deal was playing to $1.4 billion of orders around 2 p.m. ET on Monday, a trader said.
J.P. Morgan Securities LLC was the lead.
The Houston-based oil and gas exploration and production company plans to use the proceeds to repay bank debt and for general corporate purposes.
Issuer: | Hilcorp Energy Co.
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Amount: | $600 million, increased from $500 million
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Tenor: | 10 years
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Securities: | Senior notes
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Bookrunner: | J.P. Morgan Securities LLC
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Coupon: | 6¼%
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Price: | Par
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Yield: | 6¼%
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Call protection: | Five years
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Trade date: | Oct. 1
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Ratings: | Moody's: Ba2
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| S&P: BB+
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Price talk: | 6¼% to 6½%
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Marketing: | Quick to market
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