QR Energy starts roadshow for $300 million eight-year senior notes

By Paul A. Harris

Portland, Ore., May 14 - QR Energy, LP and QRE Finance Corp. started a roadshow on Monday for a $300 million offering of eight-year senior notes (Caa1), according to a syndicate source.

An investor call is set for noon ET on Tuesday.

The roadshow wraps up on Friday.

Citigroup Global Markets is the left bookrunner. Barclays Capital, Credit Agricole CIB, RBC Capital Markets, RBS Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners.

Bank of America Merrill Lynch, BMO Securities, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Scotia Capital, BBVA, Capital One, Comerica Securities, TD Securities, Mitsubishi UFJ Securities and US Bancorp are the co-managers.

The Rule 144A and Regulation S with registration rights notes come with four years of call protection, and feature a 101% poison put.

The notes come with the usual and customary incurrence-based high-yield covenants, with standard modifications reflective of a master limited partnership structure.

The Houston-based MLP plans to use the proceeds to repay debt under its revolver.

QR Energy is focused on the exploitation of onshore oil and gas fields.

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