Kosmos Energy talks $400 million 5.5-year senior notes at 7 7/8%-8%; pricing Thursday

By Paul A. Harris

Portland, Ore., Oct. 21 – Kosmos Energy Ltd. talked its $400 million offering of 5.5-year senior notes (B3/B+/B) to yield 7 7/8% to 8%, according to market sources.

Official talk comes inside of initial guidance in the 8¼% area.

The deal size will not grow.

Pricing is set for Thursday.

Barclays and Standard Chartered Bank are the joint global coordinators.

Credit Agricole Securities (USA) Inc., Standard Bank of South Africa Ltd. and SG Americas Securities LLC are the joint bookrunners.

The Rule 144A and Regulation S notes become callable after two years at par plus 50% of the coupon.

The Houston-based deepwater energy exploration and production company plans to use the proceeds plus cash on hand to pay off the bridge notes issued to fund its acquisition of Anadarko WCTP Co.

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