MEG Energy talks $500 million 10-year notes with 6½%-6¾% yield

By Paul A. Harris

Portland, Ore., March 11 - MEG Energy Corp. talked its $500 million offering of 10-year senior notes (expected ratings B3/BB) with a 6½% to 6¾% yield on Friday, according to an informed source.

The roadshow will continue through Wednesday.

Barclays, Credit Suisse, BMO and Morgan Stanley & Co. have the books for the Rule 144A and Regulation S for life offering.

The notes come with four years of call protection.

The Calgary, Alta.-based oil sands development company plans to use the proceeds, along with proceeds from a concurrent $500 million revolver and a $1 billion term loan B, to refinance its existing term loans and for general corporate purposes.

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