By Wendy Van Sickle
Columbus, Ohio, Feb. 25 – Kosmos Energy Ltd. priced an upsized $450 million of 7½% notes due 2028 (B+/B-) on Thursday, according to a news release.
The offering was upsized by $50 million from the initially announced $400 million.
BofA Securities Inc., ING Financial Markets LLC and Standard Chartered Bank led the offering.
The Dallas-based full-cycle deepwater independent oil and gas exploration and production company has key assets in Ghana, Equatorial Guinea, Mauritania and Senegal, in addition to the U.S. Gulf of Mexico. Hence there is an emerging markets aspect to the deal, which was marketed to both high-yield and emerging markets accounts, a trader said.
Kosmos Energy plans to use proceeds from the Rule 144A and Regulation S notes sale to repay debt under its revolver and commercial debt facilities and for general corporate purposes.
| Issuer: | Kosmos Energy Ltd.
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| Issue: | Senior notes
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| Amount: | $450 million
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| Maturity: | 2028
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| Bookrunners: | BofA Securities Inc., ING Financial Markets LLC and Standard Chartered Bank
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| Coupon: | 7½%
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| Pricing date: | Feb. 25
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| Settlement date: | March 4
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| Ratings: | S&P: B+
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| Fitch: B-
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| Distribution: | Rule 144A and Regulation S
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