Bonanza Creek Energy driving by with $300 million 8.5-year notes

By Paul A. Harris

Portland, Ore., July 15 – Bonanza Creek Energy, Inc. plans to price a $300 million offering of 8.5-year senior notes (B3/B-/) Tuesday afternoon trailing a late-morning conference call with investors, according to a syndicate source.

RBC Capital Markets is the left bookrunner. Wells Fargo Securities LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets and BMO Securities are the joint bookrunners.

BBVA, Iberia, Scotia Capital, SG CIB, Capital One, Hunter Investments, Sterne Agee, SunTrust Robinson Humphrey Inc., MUFG and U.S. Bancorp Investments Inc. are the co-managers.

The publicly offered notes come with four years of call protection and feature a three-year 35% equity clawback at par plus the coupon and a 101% poison put.

The Denver-based oil and gas company plans to use the proceeds to repay its revolving credit facility in full and for general corporate purposes, which may include funding the drilling and development program and capital expenditures.

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