Published on 4/30/2018 in the Prospect News High Yield Daily.
New Issue: Oasis Petroleum prices $400 million 6¼% eight-year notes at par
By Paul A. Harris
Portland, Ore., April 30 – Oasis Petroleum Inc. priced a $400 million issue of eight-year senior notes (B3/BB-) at par to yield 6¼% in a quick-to-market Monday afternoon trade, according to market sources.
The yield printed in the middle of yield talk in the 6¼% area and tight to initial price talk in the 6¼% to 6½% area.
Wells Fargo Securities LLC was the left lead physical bookrunner. Citigroup Global Markets Inc. was also a joint physical bookrunner.
Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC were the joint bookrunners.
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.
| Issuer: | Oasis Petroleum Inc.
|
| Amount: | $400 million
|
| Maturity: | May 1, 2026
|
| Securities: | Senior notes
|
| Left physical bookrunner: | Wells Fargo Securities LLC
|
| Joint physical bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC
|
| Senior co-managers: | BBVA Securities Inc., Capital One Securities Inc., CIBC Capital Markets Corp., Citizens Capital Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., ING Financial Markets LLC
|
| Co-managers: | BOK Financial Securities Inc., BB&T Capital Markets, Comerica Securities Inc., Iberia Capital Partners LLC, Johnson Rice & Co. LLC, KeyBanc Capital Markets Inc., Piper Jaffray & Co., Regions Securities LLC, Tudor Pickering Holt & Co. Securities Inc., U.S. Bancorp Investments Inc.
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | 331 bps
|
| First call: | May 1, 2021 at 103.125
|
| Equity clawback: | 35% at 106.25 until May 1, 2021
|
| Trade date: | April 30
|
| Settlement date: | May 14
|
| Ratings: | Moody's: B3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¼% area
|
| Marketing: | Quick to market
|
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