New Issue: Stone Energy $200 million 10-year notes yield 8¼%

By Paul A. Harris

St. Louis, Mo., Dec. 5 - Stone Energy Corp. priced $200 million of senior subordinated notes due Dec. 15, 2011 at par to yield 8¼%, "at the tight end of talk" of 8.25%-8.375%, according to a syndicate official.

"This deal went very well," the official said. "It was highly oversubscribed."

Merrill Lynch & Co. ran the books. Co-managers on the Rule 144A deal were Credit Suisse First Boston, Banc of America Securities, Johnson Rice & Co., and H. Weil.

Issuer:	Stone Energy Corp.
Amount:	$200 million
Maturity	Dec. 15, 2011
Type:	Senior subordinated notes
Bookrunner:	Merrill Lynch & Co.
Coupon:	8¼%
Price:	Par
Yield:	8¼%
Spread:	350 basis points
Call features:	Dec. 15, 2006 at 104.125, then at 102.75, 101.375,
	declining to par on Dec. 15, 2009 and thereafter
Equity clawback:	For three years for 35% at 108.25
Settlement date:	Dec. 10 (T+3)
Ratings:	Moody's: B2 (outstanding)
	Standard & Poor's: B+ (outstanding)
End

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