EM-focused Kosmos Energy talks $300 million seven-year secured notes to yield 8%-8¼%

By Paul A. Harris

Portland, Ore., July 24 – Kosmos Energy Ltd. talked its $300 million offering of seven-year senior secured notes (/CCC+/B) to yield 8% to 8¼%, a syndicate source said on Thursday.

Books close at 10 a.m. ET on Friday.

The deal is being marketed to both high-yield and emerging markets accounts.

Global coordinator and joint physical bookrunner Barclays will bill and deliver. BNP Paribas is also a global coordinator and joint physical bookrunner for the Rule 144A and Regulation S for life offering.

BofA Merrill Lynch, HSBC, Credit Agricole CIB, SG CIB, Standard Bank and Standard Chartered Bank are bookrunners.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, ING, MUFG, Natixis and Nedbank Capital are the co-managers.

The notes come with three years of call protection and feature a three-year 35% equity clawback at par plus the coupon and a 101% poison put.

The oil and gas exploration and production company plans to use the proceeds to repay a portion of its outstanding debt and for general corporate purposes.

Kosmos Energy is based in Hamilton, Bermuda, and has an office in Dallas. It has operations in Ghana, Ireland, Mauritania, Morocco and Suriname.

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