New Issue: Frontier Oil sells $150 million seven-year notes to yield 6 5/8%

By Paul A. Harris

St. Louis, Sept. 21 - Frontier Oil Corp. sold $150 million of seven-year senior notes (B2/B+) at par on Tuesday to yield 6 5/8%, according to market sources.

Price talk was the 6¾% area.

Bear Stearns & Co. ran the books for the Rule 144A issue. The co-managers were BNP Paribas and TD Securities.

Proceeds will be used to refinance the company's 11¾% senior notes.

The issuer is a Houston-based operator of refineries in El Dorado, Kan., and Cheyenne, Wyo.

Issuer:	Frontier Oil Corp.
Amount:	$150 million
Maturity:	Oct. 1, 2011
Security description:	Senior notes
Bookrunner:	Bear Stearns
Co-managers:	BNP Paribas, TD Securities
Coupon:	6 5/8%
Price:	Par
Yield:	6 5/8%
Spread:	294 basis points
Call features:	Make-whole call at Treasuries plus 75 basis points until Oct. 1, 2007, then callable at 103.313, 102.208, 101.104, par on or after Oct. 1, 2010
Pricing date:	Sept. 21
Settlement date:	Oct. 1
Ratings:	Moody's: B2
	Standard & Poor's: B+
Price talk:	6¾% area

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.