American Energy – Permian whispers $295 million five-year secured notes in low-to-mid 8s

By Paul A. Harris

Portland, Ore., May 27 – American Energy – Permian Basin LLC is shopping a $295 million offering of five-year second-lien senior secured notes (B1/CCC+) with preliminary guidance in the low-to-mid 8% yield context, according to a market source.

The deal is expected to price before the end of the week.

Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are managing the sale.

The notes come with two years of call protection.

The Oklahoma City-based oil and gas company plans to use the proceeds to repay bank debt.

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