By Paul A. Harris
Portland, Ore., Oct. 13 – Vine Oil & Gas LP and Vine Oil & Gas Finance Corp. priced a $530 million issue of 8¾% 5.5-year senior notes at 99 to yield 8.985%, according to a syndicate source.
Yield talk was 8¾% to 9%, including a 1-point original issue iscount.
There were covenant changes to the deal.
Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, HSBC Securities, Natixis and SG CIB were the joint bookrunners.
The Plano, Texas-based oil and gas exploration and production company plans to use the proceeds to refinance debt.
| Issuers: | Vine Oil & Gas LP and Vine Oil & Gas Finance Corp.
|
| Amount: | $530 million
|
| Maturity: | April 15, 2023
|
| Securities: | Senior notes
|
| Bookrunners: | Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, HSBC Securities, Natixis, SG
|
| Coupon: | 8¾%
|
| Price: | 99
|
| Yield: | 8.985%
|
| Spread: | 701 bps
|
| Call protection: | Three years, increased from two years
|
| Trade date: | Oct. 13
|
| Settlement date: | Oct. 18
|
| Ratings: | Moody's: Caa2
|
| S&P: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¾% to 9% yield including 1 point OID
|
| Marketing: | Roadshow
|
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