EnVen Energy plans to sell $325 million five-year secured notes; initial guidance 9½%-10%

By Paul A. Harris

Portland, Ore., Jan. 30 – EnVen Energy Corp. plans to price $325 million of five-year senior secured second-lien notes (Caa1/BB-) before the end of the Jan. 29 week, according to market sources.

Initial guidance has the deal shaping up to yield 9½% to 10%, according to traders.

J.P. Morgan Securities LLC is leading the Rule 144A and Regulation S offer.

The notes come with two years of call protection.

The Houston-based independent oil and natural gas company plans to use the proceeds to pay off its revolving credit facility and second-lien term loan, with any remaining proceeds to be used for general corporate purposes.

In connection with the notes offering EnVen Energy intends to amend its revolving credit facility to increase its borrowing base to $231.25 million and to extend the maturity date to 2022.

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