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Canbriam Energy talks $100 million tap of 9¾% notes due 2019 at 103; pricing Tuesday
By Paul A. Harris
Portland, Ore., May 26 – Canbriam Energy Inc. talked a $100 million tack-on to its 9¾% senior notes due Nov. 15, 2019 to price at 103, according to a syndicate source.
Books close at 12:30 p.m. ET on Tuesday, and the quick-to-market deal is set to price thereafter.
An investor call was scheduled to take place Tuesday morning.
Credit Suisse Securities (USA) LLC, RBC Capital Markets, BMO Securities and CIBC World Markets are the joint bookrunners for the Rule 144A and Regulation S for life offering.
The notes become callable after May 15, 2017 at 104.875 and feature a 35% equity clawback at 109.75 until May 15, 2017 and a 101% poison put.
The Calgary, Alta.-based privately held energy exploration and production company plans to use the proceeds to fund capital expenditures and for general corporate purposes.
The original $250 million issue priced at 94 to yield 11.355% on Nov. 10, 2014.
The tack-on notes will become immediately fungible with existing notes.
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