Published on 5/28/2015 in the Prospect News High Yield Daily.
New Issue: American Energy Permian prices $295 million five-year secured notes at par to yield 8%
By Paul A. Harris
Portland, Ore., May 28 – American Energy – Permian Basin LLC priced $295 million five-year second-lien senior secured notes (B1/CCC+) at par to yield 8% on Thursday, according to a market source.
The yield printed at the tight end of the 8% to 8¼% yield talk and tight to initial guidance in the low-to-mid 8s, sources said.
Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the joint bookrunners.
The Oklahoma City-based oil and gas company plans to use the proceeds to repay bank debt.
| Issuer: | American Energy – Permian Basin LLC
|
| Amount: | $295 million
|
| Maturity: | June 15, 2020
|
| Securities: | Second-lien senior secured notes
|
| Bookrunners: | Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC
|
| Co-managers: | Deutsche Bank Securities Inc., DNB Markets, HSBC, ING, KeyBanc Capital Markets, MUFG, TD Securities
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 649 bps
|
| First call: | June 15, 2017 at 104
|
| Trade date: | May 28
|
| Settlement date: | June 4
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8% to 8¼%
|
| Marketing: | Roadshow
|
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