By Paul A. Harris
Portland, Ore., Aug. 3 – FS Energy, LLC priced a $500 million issue of 7½% five-year senior secured bullet notes (Ba3/BB-) at 97.973 to yield 8% on Thursday, according to market sources.
The yield printed in the middle of official yield talk in the 8% area; official talk had come on top of initial guidance.
J.P. Morgan Securities LLC, SG CIB and BMO Securities were the joint bookrunners.
The notes were issued via FS Energy and Power Fund.
The New York-based provider of energy efficiency services plans to use proceeds to refinance debt and for general corporate purposes.
| Issuer: | FS Energy and Power Fund
|
| Amount: | $500 million
|
| Maturity: | Aug. 1, 2023
|
| Securities: | Senior secured notes
|
| Bookrunners: | J.P. Morgan Securities LLC, SG CIB, BMO Securities
|
| Coupon: | 7½%
|
| Price: | 97.973
|
| Yield: | 8%
|
| Call protection: | Non-callable
|
| Trade date: | Aug. 2
|
| Settlement date: | Aug. 16
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 8% area
|
| Marketing: | Roadshow
|
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