Published on 11/12/2013 in the Prospect News High Yield Daily.
New Issue: Bonanza Creek prices upsized $200 million tap of 6¾% notes due 2021 at 104.5
By Paul A. Harris
Portland, Ore., Nov. 12 - Bonanza Creek Energy, Inc. priced an upsized $200 million add-on to its 6¾% senior notes due April 15, 2021 (B3/B-/) at 104.5 to yield 5.769%, according to an informed source.
The reoffer price came on top of price talk.
Wells Fargo Securities LLC was the left bookrunner for the quick-to-market deal.
J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., RBC Capital Markets LLC and BMO Capital Markets Corp. were the joint bookrunners.
The Denver-based independent energy company plans to use the proceeds for general corporate purposes, including capital expenditures.
| Issuer: | Bonanza Creek Energy, Inc.
|
| Amount: | $200 million, increased from $150 million
|
| Proceeds: | $209 million
|
| Maturity: | April 15, 2021
|
| Security description: | Add-on to 6¾% senior notes due April 15, 2021
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., RBC Capital Markets LLC, BMO Capital Markets Corp.
|
| Co-managers: | BBVA Securities Inc., Iberia Capital Partners LLC, Scotia Capital (USA) Inc., SG CIB, Capital One Southcoast Inc., Credit Agricole Securities (USA) Inc., Global Hunter Securities LLC, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 6¾%
|
| Price: | 104.5
|
| Yield: | 5.769%
|
| Spread: | 417 bps
|
| First call: | April 15, 2017 at 103.375
|
| Trade date: | Nov. 12
|
| Settlement date: | Nov. 15
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | SEC registered
|
| Price talk: | 104.5
|
| Marketing: | Quick to market
|
| Original issue: | $300 million priced at par on April 4, 2013
|
| Fungibility: | Add-on notes will be immediately fungible with the existing notes
|
| Total issue size: | $500 million
|
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