Kodiak Oil & Gas upsizes offering to $650 million, talks eight-year notes with 8%-8¼% yield

By Paul A. Harris

Portland, Ore., Nov. 17 - Kodiak Oil & Gas Corp. upsized its offering of eight-year senior notes (Caa1/B-) to $650 million from $550 million and set the yield talk at 8% to 8¼% on Thursday, according to an informed source.

The deal is set to price on Friday morning.

A concurrent equity offering was scheduled to price after Thursday's close.

Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets, RBC Capital Markets and Wells Fargo Securities LLC are the joint bookrunners.

The Rule 144A and Regulation S with registration rights notes come with four years of call protection and feature a three-year 35% equity clawback and a 101% poison put.

The Denver-based energy exploration and development company plans to use the proceeds to fund acquisitions, to pay down debt and for general corporate purposes. The additional proceeds from the upsizing will also be used for general corporate purposes.

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