By Paul A. Harris
St. Louis, Mo., April 16 - Western Oil Sands, Inc. upsized to $450 million from $425 million its offering of senior secured notes due May 1, 2012 (Ba2/BB+) on Tuesday. The Rule 144A bullets priced at par to yield 8 3/8%, according to a syndicate source.
"It priced within the (8 3/8% area) price talk," the source commented.
Salomon Smith Barney and TD Securities were joint bookrunners.
The Calgary, Alta. energy company will use the proceeds for capital expenditures.
Issuer: Western Oil Sands, Inc.
Amount: | $450 million (increased from $425 million)
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Maturity: | May 1, 2012
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Type: | Senior secured notes
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Bookrunners: | Salomon Smith Barney, TD Securities
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Coupon: | 8 3/8%
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Price: | Par
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Yield: | 8 3/8%
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Price talk: | 8 3/8% area
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Spread: | 315 basis points
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Call features: | Non-callable with a Treasuries plus 50 basis points make-whole call
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Settlement date: | April 23, 2002 (T+5)
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Ratings: | Moody's: Ba2
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| Standard & Poor's: BB+
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Rule 144A CUSIP: | 959053AC3
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