Great Western Petroleum starts roadshow for $300 million five-year notes; pricing this week

By Paul A. Harris

Portland, Ore., Sept. 12 – Great Western Petroleum LLC and Great Western Finance Inc. began a roadshow on Monday for a $300 million offering of five-year senior notes, according to a syndicate source.

The Rule 144A and Regulation S for life notes are set to price late this week.

Credit Suisse Securities (USA) LLC, MUFG, Citigroup Global Markets Inc. and RBC Capital Markets are the joint bookrunners.

The notes become callable after two years at par plus 50% of coupon and feature a two-year 35% equity clawback and a 101% poison put.

The Missoula, Mont.-based energy exploration and production company plans to use the proceeds to refinance bank debt and for general corporate purposes.

Great Western Petroleum has a pure play position in the Wattenberg region of the Denver-Julesburg Basin.

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