Connacher to price $900 million equivalent notes during May 16 week

By Paul A. Harris

Portland, Ore., May 17 - Connacher Oil and Gas Ltd. plans to price $900 million equivalent of senior secured notes before the end of the May 16 week, according to an informed source.

The deal will feature dollar-denominated eight-year notes. That Rule 144A and Regulation S for life tranche will be led by left bookrunner Credit Suisse Securities (USA) LLC.

In addition, the Calgary, Alta.-based integrated oil company intends to privately place a Canadian dollar-denominated tranche of seven-year notes via left lead RBC Capital Markets.

Both of those banks are serving as global coordinators for the deal.

Both tranches of notes come with four years of call protection and will feature three-year 35% equity clawbacks and 101% poison puts.

The notes are secured by a second-priority lien on all of the existing and acquired property of the issuer and each restricted subsidiary of the issuer.

Connacher plans to use the proceeds to refinance its existing first-lien and second-lien notes.

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