New Issue: Oasis Petroleum upsizes to $400 million, prices 10-year notes at par to yield 6½%

By Paul A. Harris

Portland, Ore., Oct. 27 - Oasis Petroleum Inc. priced an upsized $400 million issue of 10-year notes (Caa1/B-/) at par to yield 6½% on Thursday, according to a market sources.

The yield printed at the tight end of the 6½% to 6 5/8% price talk.

J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and BNP Paribas Securities Corp. were the joint bookrunners for the quick-to-market deal, which was upsized from $300 million.

Oasis intends to use the net proceeds to fund its exploration, development and acquisition program and for general corporate purposes.

The issuer is a Houston-based oil and gas exploration and production company.

Issuer:	Oasis Petroleum Inc.
Amount:	$400 million, increased from $300 million
Maturity:	Nov. 1, 2021
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BNP Paribas Securities Corp.
Co-managers:	Johnson Rice & Co. LLC, RBS Securities Inc., Simmons & Co. International, Tudor, Pickering, Holt & Co. Securities, Inc., UBS Securities LLC, U.S. Bancorp Investments, Inc.
Coupon:	6½%
Price:	Par
Yield:	6½%
Spread:	415 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Nov. 1, 2016, then callable at 103.25, 102.167, 101.083, par on and after Nov. 1, 2019
Equity clawback:	35% at 106.5 until Nov. 1, 2014
Trade date:	Oct. 27
Settlement date:	Nov. 10
Ratings:	Moody's: Caa1
	Standard & Poor's: B-
Distribution:	SEC registered
Price talk:	6½% to 6 5/8%
Marketing:	Quick to market

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