Opti Canada talks $1 billion eight-year notes at 8¼%-8½%

By Paul A. Harris

St. Louis, Dec. 6 - Opti Canada Inc. has talked its $1 billion offering of eight-year senior unsecured notes (B1/BB) at 8¼% to 8½%, a market source told Prospect News late Wednesday.

The offering is expected to price on Friday.

The Rule 144A with registration rights deal is being led by joint bookrunners Credit Suisse and RBC Capital Markets.

The Royal Bank of Scotland, Scotia Capital, BNP Paribas and Societe Generale Corporate & Investment Banking are co-mangers.

The notes come with second-lien security and four years of call protection.

Proceeds will be used to refinance the Calgary, Alta., developer's existing project facility as well as to fund expenditures and complete phase one of the Long Lake project.

OPTI Canada is engaged in the development of the Long Lake oil sands project in Canada, a 50-50 joint venture with Nexen Inc.

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