Memorial Production Partners announces $100 million tap of 7 5/8% notes due 2021

By Paul A. Harris

Portland, Ore., May 20 - Memorial Production Partners LP and its wholly owned subsidiary, Memorial Production Finance Corp., announced in a Monday press release that, subject to market conditions, they intend to offer a $100 million add-on to their 7 5/8% senior notes due May 1, 2021.

The notes become callable on May 1, 2017 at 103.813.

The Houston-based energy partnership plans to use the proceeds to pay down its revolving credit facility and for general partnership purposes.

The original $300 million issue priced at 98.521 to yield 7 7/8% on April 12, 2013. Wells Fargo Securities LLC was the left bookrunner for that deal in a syndicate of banks that included J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc. and RBC Capital Markets LLC.

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