Kodiak Gas talks $400 million eight-year notes to yield 9¼%-9½%; pricing Friday

By Paul A. Harris

Portland, Ore., March 22 – Kodiak Gas Services LLC talked its $400 million offering of eight-year senior notes (Caa2/B-/B) to yield 9¼% to 9½%, according to market sources.

That guidance came well wide of early guidance in the 8½% to 8¾% area.

The Rule 144A and Regulation S deal is set to price on Friday.

J.P. Morgan Securities LLC, Barclays, Fifth Third Securities Inc. and PNC Capital Markets LLC are the joint bookrunners.

The notes come with three years of call protection.

The Montgomery, Tex.-based services provider to the oil and gas industry plans to use the proceeds to pay down its revolving credit facility.

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