Published on 10/7/2021 in the Prospect News High Yield Daily.
New Issue: Harbour Energy sells $500 million five-year notes at par to yield 5½%
By Paul A. Harris
Portland, Ore., Oct. 7 – Harbour Energy plc priced a $500 million issue of five-year senior notes (BB-/BB) at par to yield 5½% on Thursday, according to market sources.
The yield printed at the wide end of the 5¼% to 5½% yield talk. Initial guidance was in the low-to-mid 5% area.
J.P. Morgan Securities plc was the lead.
The London-based oil and gas company plans to use the proceeds to pay off its Shell junior facility and repay cash drawn under the senior secured reserves-based lending facility.
| Issuer: | Harbour Energy plc
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| Amount: | $500 million
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| Tenor: | Five years
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| Securities: | Senior notes
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| Managers: | J.P. Morgan Securities plc, Barclays, DNB, ING, Lloyds, RBC, Wells Fargo, ABN Amro, Credit Agricole CIB, HSBC, Natixis, SEB, BMO, CBA, Macquarie, NatWest and Nedbank
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| Coupon: | 5½%
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| Price: | Par
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| Yield: | 5½%
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| Spread: | 499 bps
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| Call protection: | Two years
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| Trade date: | Oct. 7
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| Ratings: | S&P: BB-
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| Fitch: BB
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 5¼% to 5½%
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