EM-focused Kosmos Energy to start roadshow for $600 million seven-year notes on Monday

By Paul A. Harris

Portland, Ore., March 14 – Kosmos Energy Ltd. plans to commence meetings with investors on Monday for the purpose of shopping a $600 million offering of seven-year senior notes (expected ratings BB-/BB), according to market sources.

Initial guidance has the offering coming with a yield in the 7% area, a bond trader said.

Citigroup Global Markets Inc., SG CIB and Standard Chartered Bank are joint bookrunners for the Rule 144A and Regulation S offering.

The notes come three years of call protection.

The Dallas-based independent oil and gas exploration and production company plans to use the proceeds to redeem all $525 million of its outstanding 7 7/8% senior secured notes due 2021 and to pay down its revolving credit facility.

Kosmos Energy has operations in Ghana, Equatorial Guinea, U.S. Gulf of Mexico, Mauritania, Senegal, Suriname, Ivory Coast, Namibia and elsewhere.

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