Midstates Petroleum talks $700 million eight-year notes to yield in 8 7/8% area

By Paul A. Harris

Portland, Ore., May 22 - Midstates Petroleum Co., Inc. and Midstates Petroleum Co. LLC talked their $700 million offering of eight-year senior notes to price with a yield in the 8 7/8% area, a syndicate source said on Wednesday.

Books close 10 a.m. ET Thursday, and the deal is set to price thereafter.

Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc., BofA Merrill Lynch, RBC Capital Markets, SG CIB, Citigroup Global Markets Inc., Goldman Sachs & Co., Natixis Securities and RBS Securities Inc. are the joint bookrunners.

Capital One South Coast, KeyBanc Capital Markets and Scotia Capital are the co-managers.

The Rule 144A with registration rights notes come with three years of call protection.

The Houston-based independent exploration and production company plans to use the proceeds to fund the purchase of producing properties as well as developed and undeveloped acreage in the Anadarko Basin in Texas and Oklahoma from Panther Energy LLC and its partners Red Willow Mid-Continent LLC and LINN Energy Holdings LLC.

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