Oasis Petroleum to price $400 million eight-year notes on Monday; initial talk 6¼%-6½% area

By Paul A. Harris

Portland, Ore., April 30 – Oasis Petroleum Inc. plans to price a $400 million offering of eight-year senior notes (expected ratings B3/BB-) in a quick-to-market Monday afternoon trade following a late morning conference call with investors, according to market sources.

Initial price talk has the notes coming to yield in the 6¼% to 6½% area.

Wells Fargo Securities LLC is the left lead joint physical bookrunner. Citigroup Global Markets Inc. also a joint physical bookrunner.

J.P. Morgan Securities LLC, RBC Capital Markets LLC, Morgan Stanley & Co. LLC and Goldman Sachs & Co. are the joint bookrunners.

BBVA Securities Inc., Capital One Securities, CIBC Capital Markets, Citizens Capital Markets, Credit Suisse Securities (USA) LLC and ING are the senior co-managers.

BOK Financial Securities Inc., BB&T Capital Markets, Comerica Securities, Iberia Capital Partners LLC, Johnson Rice & Co. LLC, KeyBanc Capital Markets LLC, Piper Jaffray, Regions Securities LLC, Tudor Pickering Holt & Co. and U.S. Bancorp Investments Inc. are the co-managers.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.

The Houston-based oil and gas exploration and development company plans to use the proceeds to fund tender offers for its existing senior notes.

Oasis Petroleum is focused on the acquisition and development of onshore, unconventional oil and natural gas resources with acreage in the Williston Basin and Permian Basin.

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