Published on 10/12/2012 in the Prospect News High Yield Daily and Prospect News Private Placement Daily.
New Issue: Linc Energy sells $265 million 12½% notes due 2017 to yield 13½%
By Aleesia Forni
Columbus, Ohio, Oct. 12 - Linc Energy Ltd. subsidiaries Linc USA GP and Linc Energy Finance (USA) Inc. sold a $265 million private placement of 12½% five-year senior secured notes due 2017 at 96.402 to yield 13½%, according to an informed source.
Imperial Capital is the lead placement agent. ISM Capital is the joint placement agent.
The notes have 2.5 years of call protection and carry a make-whole call at Treasuries plus 50 bps prior to April 30, 2015.
The notes may be redeemed at 106.25 beginning April 30, 2015, at 104.688 beginning Oct. 31, 2015, at 103.125 beginning April 30, 2016, at 101.563 beginning Oct. 31, 2016 and at par beginning April 30, 2017.
The company plans to use the proceeds to repay debt, to fund capital expenditures and for general corporate purposes.
Linc Energy is an energy exploration and production company based in Brisbane, Australia. Its head office in North America is in Denver.
| Issuers: | Linc USA GP and Linc Energy Finance (USA) Inc.
|
| Amount: | $265 million
|
| Maturity: | Oct. 31, 2017
|
| Securities: | Senior secured notes
|
| Placement agents: | Imperial Capital LLC (lead), ISM Capital LLP
|
| Coupon: | 12½%
|
| Price: | 96.402
|
| Yield: | 13½%
|
| Call features: | Make-whole call at Treasuries plus 50 bps prior to April 30, 2015, at 106.25 beginning April 30, 2015, then callable at 104.688 beginning Oct. 31, 2015, 103.125 beginning April 30, 2016, 101.563 beginning Oct. 31, 2016 and par beginning April 30, 2017
|
| Special call: | Issuer may redeem 10% of the notes annually at 103 during the non-call period
|
| Equity clawback: | 35% at 112.5 until April 30, 2015
|
| Trade date: | Oct. 12
|
| Distribution: | Private placement
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
