Teine Energy plans roadshow for $350 million eight-year notes

By Paul A. Harris

Portland, Ore., Sept. 3 – Teine Energy Ltd. plans to start a roadshow on Thursday in New York for a $350 million offering of eight-year senior notes (expected ratings B3/CCC+).

The roadshow moves to Boston on Friday, then to the West Coast of the United States on Monday and Tuesday, and the deal is set to price thereafter.

Joint bookrunner Barclays will bill and deliver. J.P. Morgan Securities LLC is also a joint bookrunner.

BMO Securities, TD Securities, NBC and RBC Capital Markets are the co-managers.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 75% of coupon.

The notes feature a three-year 35% equity clawback at par plus the coupon and a 101% poison put.

The Calgary, Alta.-based oil and gas exploration, development and production company plans to use the proceeds to repay and retire its second-lien term loan (including a 1% prepayment premium), as well as to repay all outstanding revolver borrowings and for general corporate purposes.

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