By Paul A. Harris
Portland, Ore., April 7 – Kosmos Energy Ltd. priced a $225 million issue of 7 7/8% senior secured notes due Aug. 1, 2021 (existing ratings CCC+/B) at 92 to yield 9.59% on Tuesday, according to a syndicate source.
The reoffer price came on top of price talk.
The notes will have a structure mirroring that of the company’s existing 7 7/8% notes due 2021 but represent a separate issue, not fungible with those existing notes.
Global coordinator Barclays will bill and deliver for the Rule 144A and Regulation S for life deal. BNP Paribas, BofA Merrill Lynch, Credit Agricole CIB, Credit Suisse Securities (USA) LLC, HSBC, SG CIB, Standard Bank and Standard Chartered were the joint bookrunners.
The oil and gas exploration and development company plans to use the proceeds to pay down its reserve-based facility and for general corporate purposes.
Kosmos Energy, which is based in Hamilton, Bermuda, and has an office in Dallas, operates in West Africa and on the Atlantic Margin.
| Issuer: | Kosmos Energy Ltd.
|
| Amount: | $225 million
|
| Maturity: | Aug. 1, 2021
|
| Securities: | Non-fungible 7 7/8% senior secured notes due Aug. 1, 2021
|
| Global coordinator: | Barclays (bill and deliver)
|
| Joint bookrunners: | BNP Paribas, BofA Merrill Lynch, Credit Agricole CIB, Credit Suisse Securities (USA) LLC, HSBC, SG CIB, Standard Bank and Standard Chartered
|
| Coupon: | 7 7/8%
|
| Price: | 92
|
| Yield: | 9.59%
|
| First call: | Aug. 1, 2017 at 103.938
|
| Trade date: | April 7
|
| Settlement date: | April 10
|
| Existing ratings: | Standard & Poor's: CCC+
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 92
|
| Marketing: | Quick to market
|
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