New Issue: FTS prices $500 million eight-year secured notes at par to yield 6¼%

By Paul A. Harris

Portland, Ore., April 11 - FTS International, Inc. priced $500 million eight-year senior secured notes (B2/B-/) at par to yield 6¼% on Friday, according to a syndicate source.

The yield printed on top of yield talk.

Wells Fargo Securities LLC was the left bookrunner. BofA Merrill Lynch, UBS Investment Bank and Barclays were the joint bookrunners.

The Fort Worth, Texas-based services provider to the oil and gas industry plans to use the proceeds to repay all borrowings outstanding under its term loan.

Issuer:	FTS International, Inc.
Amount:	$500 million
Maturity:	May 1, 2022
Securities:	Senior secured notes
Left bookrunner:	Wells Fargo Securities LLC
Joint bookrunners:	BofA Merrill Lynch, UBS Investment Bank, Barclays
Coupon:	6¼%
Price:	Par
Yield:	6¼%
Spread:	391 bps
Price talk:	6¼% area
First call:	May 1, 2017 at 104.688
Equity clawback:	35% at 106.25 until May 1, 2017
Change-of-control put:	101%
Trade date:	April 11
Settlement date:	April 16
Ratings:	Moody's: B2
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S with registration rights
Marketing:	Roadshow

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