Kodiak Gas Services withdraws $400 million senior notes offering

By Paul A. Harris

Portland, Ore., March 27 – Kodiak Gas Services LLC withdrew its $400 million offering of eight-year senior notes (Caa2/B-/B), according to market sources.

Early in the March 25 week, talk on the deal was heard to have widened to 10% from earlier talk of 9¼% to 9½%. Early guidance was in the 8½% to 8¾% area.

The deal also underwent extensive covenant changes, sources said.

The Montgomery, Tex.-based services provider to the oil and gas industry had planned to use the proceeds to pay down its revolving credit facility.

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