Published on 9/10/2013 in the Prospect News High Yield Daily.
New Issue: Oasis Petroleum sells upsized $1 billion 6 7/8% 8.5-year notes at par
By Paul A. Harris
Portland, Ore., Sept. 10 - Oasis Petroleum Inc. priced a massively upsized $1 billion issue of 8.5-year senior notes (B3/B/) at par to yield 6 7/8% on Tuesday, according to a syndicate source.
The deal was upsized from $600 million.
The yield printed in the middle of the 6¾% to 7% yield talk.
Wells Fargo Securities LLC is the left bookrunner. Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets LLC were the joint bookrunners.
The Houston-based independent oil and gas exploration and production company plans to use the proceeds to fund a portion of the $1.4 billion West Williston acquisition.
| Issuer: | Oasis Petroleum Inc.
|
| Amount: | $1 billion
|
| Maturity: | March 15, 2022
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC
|
| Co-managers: | BB&T Capital Markets, BBVA Securities Inc., BOSC Inc., Capital One Securities Inc., CIBC World Markets Corp., Comerica Securities Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, Johnson Rice & Co. LLC, RBS Securities Inc., Regions Securities LLC, Simmons & Co. International, UBS Securities LLC, U.S. Bancorp Investments Inc.
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 412 bps
|
| Call features: | Callable on Sept. 15, 2017 at 103.438, 101.719, par on and after Sept. 15, 2019
|
| Equity clawback: | 35% at 106.875 until Sept. 15, 2016
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 10
|
| Settlement date: | Sept. 24
|
| Rating: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 6¾% to 7%
|
| Marketing: | Quick to market
|
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