New Issue: Westport upsizes 10-year notes to $275 mln, yield 8¼%

By Paul A. Harris

St. Louis, Mo., Oct. 31 - Westport Resources Corp. increased its offering of senior subordinated notes due 2011 to $275 million from a planned $200 million and priced the debt at par for a yield of 8¼% Wednesday, according to syndicate sources. That level was at the tight end of Tuesday's price talk of 8¼%-8½% for the notes (Ba3/BB-).

Credit Suisse First Boston ran the books. The co-managers included J.P. Morgan, Lehman Brothers, Fleet Securities, Fortis, T.D. Securities and US Bancorp Piper Jaffray.

Issuer: Westport Resources Corp.

Amount: $275 million

Type: Senior subordinated notes

Maturity: Nov. 1, 2011

Lead Manager: Credit Suisse First Boston

Coupon: 8¼%

Price: Par

Yield: 8.25%

Spread: 386 bps

Call features: Callable beginning Nov. 1, 2006 at 104.125, then at 102.750, 101.375,

declining to par on Nov. 1, 2009

Equity clawback: For 35% until Nov. 1, 2004 at 108.25%

Settlement Date: Nov. 5 flat

Ratings: Moody's Investors Service: Ba3

Standard & Poor's: BB-

Cusip: 961418AA8

End

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