GEP Haynesville postpones $600 million senior notes offering

By Abigail W. Adams

Portland, Me., Oct. 31 – GEP Haynesville LLC has postponed its $600 million offering of five-year senior notes (B3/B), according to a market source.

The offering was scheduled to price on Oct. 26 after a roadshow. Initial talk had the offering coming to yield 8½% to 8¾%, sources said.

Talk was heard to have widened to a coupon of 9% with a discounted offering price.

The company was expected to shelve the effort if it could not be completed in that target area, sources said.

The company planned to use 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.

GEP Haynesville is an oil and gas producer based in The Woodlands, Texas.

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