Memorial Production to sell $500 million eight-year notes Monday

By Paul A. Harris

Portland, Ore., July 14 – Memorial Production Partners LP and Memorial Production Finance Corp. plan to price a $500 million offering of senior notes due Aug. 1, 2022 (expected ratings Caa1/CCC ) on Monday following a mid-morning conference call with investors, according to a syndicate source.

Barclays is the lead left bookrunner. J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BofA Merrill Lynch, MUFG, RBC Capital Markets and Wells Fargo Securities LLC are the joint bookrunners.

BBVA, Capital One, CIBC World Markets, Credit Agricole CIB, ING, Natixis, UBS Investment Bank and U.S. Bancorp Investments Inc. are the co-managers.

The Rule 144A and Regulation S with registration rights notes become callable after three years at par plus 75% of the coupon and feature a three-year 35% equity clawback at par plus the coupon and a 101% poison put.

Proceeds will be used to repay revolver debt and for general partnership purposes.

The prospective issuer is a Houston-based upstream master limited partnership focused on oil and gas development.

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