Neptune Energy talks $500 million eight-year notes to yield in 6¾% area; pricing Tuesday

By Paul A. Harris

Portland, Ore., April 30 – Neptune Energy Group Midco Ltd. and Neptune Energy Bondco plc talked a $500 million offering of eight-year senior notes (B2/BB-) to yield in the 6¾% area, according to market sources.

Official talk comes tight to initial talk in the high 6% to 7% area.

Books close at 9 a.m. ET on Tuesday, and the Rule 144A for life deal is set to price thereafter.

Global coordinator and sole physical bookrunner J.P. Morgan Securities LLC will bill and deliver. Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are also global coordinators.

Bank of China, BNP Paribas, DNB Markets, Goldman Sachs & Co., ING, Morgan Stanley & Co., Natixis Securities, RBC Capital Markets LLC, Scotia Capital and SG CIB are joint bookrunners.

The notes come with three years of call protection.

The London-based oil and gas exploration and production company plans to use the proceeds to pay down its revolving credit facility.

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