Published on 6/27/2012 in the Prospect News High Yield Daily.
New Issue: Oasis Petroleum sells upsized $400 million 10.5-year notes at par to yield 6 7/8%
By Paul A. Harris
Portland, Ore., June 27 - Oasis Petroleum Inc. priced an upsized $400 million issue of 10.5-year senior notes (B3/B/) at par to yield 6 7/8% on Wednesday, according to market sources.
The yield printed at the tight end of the 6 7/8% to 7% yield talk.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities LLC, RBC Capital Markets LLC, UBS Securities LLC, RBS Securities Inc. and Tudor Pickering Holt & Co. Securities Inc. were the joint bookrunners for the quick-to-market deal, which was upsized from $300 million.
The Houston-based independent oil and gas exploration and production company plans to use the proceeds to fund its exploration, development and acquisition program and for general corporate purposes.
| Issuer: | Oasis Petroleum Inc.
|
| Amount: | $400 million, increased from $300 million
|
| Maturity: | Jan. 15, 2023
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC, RBC Capital Markets, LLC, UBS Securities LLC, RBS Securities Inc., Tudor, Pickering, Holt & Co. Securities, Inc.
|
| Co-managers: | U.S. Bancorp Investments, Inc., Johnson Rice & Co. LLC, Simmons & Co. International
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 526 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until July 15, 2017, then callable at 103.438, 102.292, 101.146, par on and after July 15, 2020
|
| Equity clawback: | 35% at 106.875 until July 15, 2015
|
| Change-of-control put: | 101%
|
| Trade date: | June 27
|
| Settlement date: | July 2
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | SEC registered
|
| Price talk: | 6 7/8% to 7%
|
| Marketing: | Quick to market
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
