Laredo talks $300 million eight-year notes with 9¾% area yield

By Paul A. Harris

Portland, Ore., Jan. 11 - Laredo Petroleum, Inc. talked its $300 million offering of eight-year senior notes (Caa2/CCC/) with a 9¾% area yield on Tuesday, according to an informed source.

The order books close at 12:30 p.m. ET on Wednesday, and the notes are set to price thereafter.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities are the joint bookrunners for the offering, which is formatted according to the provisions of Rule 144A, with registration rights.

BMO Nesbitt Burns is the joint lead manager. BBVA Securities, BOSC Inc., Capital One Southcoast, Mitsubishi, Scotia Capital, SG CIB and Tudor are the co-managers.

The notes are being sold with four years of call protection and a 101% poison put.

The Tulsa, Okla.-based oil and gas exploration and production company will use the proceeds to repay and retire its term loan, to repay its revolver and for general corporate purposes.

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