By Paul A. Harris
St. Louis, June 24 - Quicksilver Resources, Inc. priced a massively upsized $475 million issue of 7¾% senior notes due Aug. 1, 2015 (Ba3/B) at 98.655 to yield 8% on Tuesday, according to an informed source.
The yield was printed on top of price talk.
The issue was upsized from $300 million.
A source close to the deal said that the order book was sufficiently oversubscribed to warrant the upsizing.
Credit Suisse and Banc of America Securities LLC were joint bookrunners for the Securities and Exchange Commission-registered deal.
Proceeds, including the upsized amount, will be used to repay revolver debt.
The issuer is a Fort Worth, Texas-based natural gas and crude oil exploration and production company.
| Issuer: | Quicksilver Resources, Inc.
|
| Face amount: | $475 million, upsized from $300 million
|
| Proceeds: | $468.61 million (approximate)
|
| Maturity: | Aug. 1, 2015
|
| Security description: | Senior notes
|
| Bookrunners: | Credit Suisse, Banc of America Securities LLC
|
| Coupon: | 7¾%
|
| Price: | 98.655
|
| Yield: | 8%
|
| Spread: | 425 bps
|
| Call features: | Make-whole at Treasuries plus 50 bps until Aug. 1, 2012, then callable at 103.875, 101.938, par on and after Aug. 1, 2014
|
| Equity clawback: | Until Aug. 1, 2011 for 35% at 107.75
|
| Trade date: | June 24
|
| Settlement date: | June 27
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B
|
| Distribution: | SEC registered
|
| Price talk: | 8%
|
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