Great Western Petroleum starts roadshow for $350 million five-year secured notes

By Paul A. Harris

Portland, Ore., Feb. 1 – Great Western Petroleum, LLC and Great Western Finance Corp. started a roadshow on Monday for $350 million of five-year senior secured second-lien notes, according to a market source.

An investor call was scheduled to begin at 2 p.m. ET on Monday.

The Rule 144A and Regulation S for life notes will be marketed via roadshow through Thursday and price thereafter.

Bookrunner Barclays will bill and deliver. Citigroup Global Markets Inc. is also a bookrunner.

MUFG, Truist, Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets Inc., PNC Capital Markets LLC and Citizens Capital Markets Inc. are passive bookrunners.

CIT, Macquarie and SG Americas Securities LLC are co-managers.

Moody's Investors Service assigns its Caa3 corporate credit rating to Great Western Petroleum. S&P Global Ratings assigns its CCC- corporate credit rating to the company. Fitch Ratings assigns its C corporate credit rating.

The notes become callable after two years of call protection.

The Denver-based energy exploration and production company plans to use the proceeds to redeem all of its 2021 notes and to pay down its reserve-based loan.

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