GEP Haynesville to sell $600 million five-year notes on Friday

By Paul A. Harris

Portland, Ore., Oct. 22 – GEP Haynesville LLC began marketing a $600 million offering of five-year senior notes (B3) on Monday, according to market sources.

Initial talk has the deal coming to yield 8½% to 8¾%, a trader said.

J.P. Morgan Securities LLC is managing the sale.

The notes come with two years of call protection.

The Woodlands, Texas-based oil and gas producer plans to use the proceeds, along with $350 million of new common equity, to repay $200 million of debt under its revolving credit facility and to redeem $733 million of preferred equity.

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