Berry Petroleum talks $350 million eight-year notes to yield 6¾%-7%; pricing Friday

By Paul A. Harris

Portland, Ore., Feb. 2 – Berry Petroleum Co., LLC talked its $350 million offering of eight-year senior notes (B3/B+) to yield 6¾% to 7%, according to market sources.

Official talk comes wider than early guidance of 6½% to 6¾%, a trader said.

Books close at noon ET on Friday, and the deal is set to price thereafter.

Goldman Sachs & Co. is the left bookrunner for the Rule 144A and Regulation S for life deal. Wells Fargo Securities LLC, BMO Capital Markets, Morgan Stanley & Co. LLC, UBS Investment Bank and KeyBanc Capital Markets are the joint bookrunners.

The notes become callable after three years at par plus 75% of the coupon.

The Bakersfield, Calif.-based company plans to use the proceeds to pay down its revolving credit facility and for general corporate purposes.

Berry Petroleum owns and operates oil and gas properties in California, Colorado, Utah, Kansas and Texas.

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