Mariner Energy offers $250 million seven-year notes via Lehman, JP Morgan

By Paul A. Harris

St. Louis, April 10 - A roadshow starts Tuesday for Mariner Energy, Inc.'s $250 million offering of seven-year senior notes (expected ratings B3/B-), according to market sources.

The roadshow is scheduled to conclude on April 19.

Lehman Brothers and JP Morgan are joint bookrunners for the Rule 144A/Regulation S offering. The co-managers are BNP Paribas, Harris Nesbitt, Raymond James and Wedbush Morgan Securities.

The notes will be callable with make-whole call for the first four years, after which they will become callable at a premium. They will also contain a three-year 35% equity clawback.

Proceeds will be used to repay debt under the company's secured credit facility.

Mariner Energy is a Houston-based independent oil and gas exploration, development and production company with principal operations in the Gulf of Mexico and the Permian Basin in West Texas.

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