Caelus Energy Alaska to launch $300 million term loan on Friday

By Sara Rosenberg

New York, March 13 - Caelus Energy Alaska 03 LLC is set to hold a bank meeting in New York on Friday morning to launch a $300 million seven-year second-lien covenant-light term loan, according to a market source.

Credit Suisse Securities (USA) LLC, RBC Capital Markets, BMO Capital Markets, Societe Generale and HSBC Securities (USA) Inc. are the lead banks on the deal.

Proceeds will be used to help fund the acquisition of Pioneer Natural Resources Alaska Inc. by Dallas-based Caelus Energy LLC from Pioneer Natural Resources Co., to prefund capital expenditures and for general corporate purposes.

Commitments are due on March 28.

The company is also getting a $115 million ABL facility that is fully subscribed and not being marketed, the source added.

Caleaus Energy Alaska is an oil and gas company on the northern slope of Alaska.

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