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McMoRan Oil & Gas to launch $100 million second-lien loan Thursday
By Sara Rosenberg
New York, Nov. 29 - McMoRan Oil & Gas LLC is scheduled to hold a bank meeting on Thursday morning to launch its proposed $100 million second-lien term loan, according to a market source.
JPMorgan and TD Securities are the lead banks on the deal, with JPMorgan the left lead.
The second-lien loan is being talked at Libor plus 600 basis points, with call premiums of 102 in year one and 101 in year two, the source said.
Proceeds will be used to refinance debt and for capital expenditures.
McMoRan Oil & Gas is a subsidiary of McMoRan Exploration Co., a New Orleans-based explorer, developer and producer of oil and natural gas.
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