Published on 9/20/2011 in the Prospect News High Yield Daily.
New Issue: Bill Barrett upsizes to $400 million, prices eight-year notes at par to yield 7 5/8%
By Paul A. Harris
Portland, Ore., Sept. 20 - Bill Barrett Corp. priced an upsized $400 million issue of eight-year senior notes (B1/BB-/) at par to yield 7 5/8% on Tuesday, according to an informed source.
The yield printed at the tight end of price talk, which had been set in the 7¾% area.
Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC were the joint bookrunners for the quick-to-market issue, which was upsized from $300 million.
The Denver-based independent oil and gas exploration and production company plans to use the proceeds to repay debt under its revolver and for general corporation purposes.
| Issuer: | Bill Barrett Corp.
|
| Amount: | $400 million, increased from $300 million
|
| Maturity: | Oct. 1, 2019
|
| Securities: | Senior notes
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Wells Fargo Securities LLC
|
| Co-managers: | BMO Capital Markets Corp., BNP Paribas Securities Corp., BBVA Securities Inc., Credit Suisse Securities (USA) LLC, Lloyds TSB, Mitsubishi UFJ Securities International plc, US Bancorp, Comerica Investments, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey Inc., Barclays Capital Inc., BOSC Securities, Howard Weill
|
| Coupon: | 7 5/8%
|
| Price: | Par
|
| Yield: | 7 5/8%
|
| Spread: | 609 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Oct. 1, 2015, then callable at 103.813, 101.906, par on and after Oct. 1, 2017
|
| Equity clawback: | 35% at 107.625 until Oct. 1, 2014
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 20
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| Settlement date: | Sept. 27
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| Ratings: | Moody's: B1
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| Standard & Poor's: BB-
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| Distribution: | SEC registered
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| Price talk: | 7¾% area
|
| Marketing: | Quick to market
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