By Paul A. Harris
Portland, Ore., April 8 – EnVen Energy Corp. priced a $300 million issue of 11¾% five-year senior secured second-lien notes (Caa1/B-) at 98 to yield 12.97% on Thursday, according to a market source.
The deal came with talk of 11¾% to 12% at 98. Initial guidance was 12% at 98.
The bonds rocketed into the secondary market, according to a trader who had them up four points at 101½ bid, 102½ offered, shortly after Thursday's close.
J.P. Morgan Securities LLC was at the left of a syndicate of deal runners.
The Houston-based independent deepwater exploration and production operator plans to use the proceeds to redeem its 11% senior secured second-lien notes due 2023, with the remainder, if any, to be used for general corporate purposes.
| Issuers: | EnVen Ventures GoM LLC and EnVen Finance Corp.
|
| Amount: | $300 million
|
| Tenor: | Five years
|
| Securities: | Senior secured second-lien notes
|
| Managers: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., SG Americas Securities LLC, Capital One Securities Inc., First Horizon
|
| Coupon: | 11¾%
|
| Price: | 98
|
| Yield: | 12.97%
|
| Call protection: | Two years
|
| Trade date: | April 8
|
| Settlement date: | April 15
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 11¾% to 12% at 98
|
| Marketing: | Roadshow
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
