New Issue: Continental Resources sells upsized $1 billion 10-year bullet at par to yield 4 3/8%

By Paul A. Harris

Portland, Ore., Dec. 4 – Continental Resources, Inc. priced an upsized $1 billion issue of 10-year senior bullet notes (Ba3/BB+) at par to yield 4 3/8% on Monday, according to market sources.

The issue size was increased from $750 million.

BofA Merrill Lynch was the left bookrunner. Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities, MUFG and Wells Fargo Securities LLC were the joint bookrunners.

The Oklahoma City-based oil producer plans to use the proceeds to pay off its $500 million term loan and to pay down its current revolving credit facility.

Issuer:	Continental Resources, Inc.
Amount:	$1 billion, increased from $750 million
Maturity:	Jan. 15, 2028
Securities:	Senior notes
Left bookrunner:	BofA Merrill Lynch
Joint bookrunners:	Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities, MUFG, Wells Fargo Securities LLC
Senior co-managers:	BBVA Securities Inc., DNB, TD Securities, U.S. Bancorp Investments Inc.
Co-managers:	BB&T, ING
Coupon:	4 3/8%
Price:	Par
Yield:	4 3/8%
Spread:	200 bps
Call protection:	Par call three months prior to maturity, otherwise non-callable
Trade date:	Dec. 4
Settlement date:	Dec. 8
Ratings:	Moody's: Ba3
	S&P: BB+
Distribution:	Rule 144A and Regulation S with registration rights
Marketing:	Quick to market

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