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Viper Energy to refinance bank debt via sale of $400 million notes; roadshow started Monday
By Paul A. Harris
Portland, Ore., Oct. 7 – Viper Energy Partners LP started a roadshow on Monday for a $400 million offering of eight-senior senior notes, according to market sources.
Initial talk has the notes coming to yield in the mid-to-high 5% area, according to a bond trader.
The deal was scheduled to launch on an investor conference call at 12:30 p.m. ET on Monday.
The roadshow is scheduled to run through Thursday, and the Rule 144A and Regulation S deal is set to price thereafter.
Credit Suisse Securities (USA) LLC is the left lead bookrunner. Goldman Sachs & Co LLC and Wells Fargo Securities LLC are the joint bookrunners.
The notes become callable after three years at par plus 50% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.
The Midland, Tex.-based oil and natural gas company, a subsidiary of Diamondback Energy, Inc., plans to use the proceeds to repay debt under its revolving credit facility.
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