By Paul A. Harris
Portland, Ore., Dec. 19 - Sierra Hamilton LLC priced a $110 million issue of five-year senior secured notes (B3/B-/) at par to yield 12¼% on Thursday, according to a market source.
The yield printed in the middle of the 12% to 12½% yield talk.
Lazard Capital Markets LLC has the books for the Rule 144A for life offering.
The Houston-based energy exploration and production company plans to use the proceeds to refinance debt and to fund a small dividend.
| Issuer: | Sierra Hamilton LLC
|
| Amount: | $110 million
|
| Maturity: | Five years
|
| Securities: | Senior secured notes
|
| Bookrunner: | Lazard Capital Markets
|
| Coupon: | 12¼%
|
| Price: | Par
|
| Yield: | 12¼%
|
| Call protection: | Two years
|
| Trade date: | Dec. 19
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 12% to 12½%
|
| Marketing: | Roadshow
|
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