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Vital Energy sets talk in $800 million two-part notes offering, accelerates timing
By Paul A. Harris
Portland, Ore., Sept. 18 – Vital Energy, Inc. set price talk and accelerated timing in its $800 million two-part public offering of senior notes (B3/B) on Monday, according to a syndicate source.
The deal includes a $300 million add-on to the company’s 10 1/8% senior notes due 2028 talked at 100.5 to 101. Those notes are presently callable at 107.594.
The offering also includes $500 million of new senior notes due 2030 talked in the 10¼% area. The new notes are callable after three years at par plus 50% of coupon.
Timing is accelerated. Books close at 2 p.m. ET on Monday, and the deal is set to price thereafter. Original timing had the deal remaining in the market until Tuesday.
Wells Fargo Securities LLC is the left bookrunner. BofA Securities Inc., Mizuho Securities USA Inc., Truist Securities Inc., Capital One Securities Inc., Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., PNC Capital Markets LLC and U.S. Bancorp Investments Inc. are the joint bookrunners.
Amegy Bank, BOK Financial Securities Inc. and Comerica Securities Inc. are the co-managers.
Counsel to the issuer is provided by Akin Gump Strauss Hauer & Feld LLP and to the underwriters by Baker Botts LLP.
The Tulsa, Okla.-based independent energy company plans to use the proceeds to refinance its 9½% senior notes due 2025, as well as to pay down its reserve-based lending loan, and for general corporate purposes.
If the planned acquisition of Henry Energy and Henry Resources is not consummated on or prior to Jan. 11, 2024, the new seven-year notes will be subject to a special mandatory redemption at a price equal to 100% of the initial issue price plus accrued and unpaid interest.
Vital Energy is focused on the acquisition, exploration and development of oil and natural gas properties primarily in the Permian Basin in West Texas.
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