Moss Creek talks $500 million eight-year notes to yield 10¼%-10½%

By Paul A. Harris

Portland, Ore., April 26 – Moss Creek Resources Holdings, Inc. talked its $500 million offering of eight-year senior notes (B3/B+) to yield 10¼% to 10½%, according to market sources.

Official talk comes wide of initial guidance in the 10% area, a trader said.

Books close at 2:30 p.m. ET on Friday, and the Rule 144A and Regulation S for life offering is set to price thereafter.

BofA Merrill Lynch is the left bookrunner. BMO Securities, Capital One Securities Inc., Citigroup Global Markets Inc. and Wells Fargo Securities LLC are the joint bookrunners.

The notes come with three years of call protection.

Moss Creek Resources Holdings is a wholly owned subsidiary of Surge Energy US Holdings Co., which is the issuing entity for the notes.

The Houston-based independent oil and gas exploration, production and acquisition company plans to use the proceeds to repay debt under its revolving credit facility and for general corporate purposes.

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