By Paul A. Harris
Portland, Ore., April 1 - Lonestar Resources America Inc. priced an upsized $220 million issue of five-year senior notes (Caa2/CCC+) at par to yield 8¾% on Tuesday, according to an informed source.
The deal was upsized from $200 million.
The yield printed on top of yield talk.
Jefferies LLC and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds will be used to refinance debt.
The issuer is a Fort Worth-based independent oil and natural gas production and development company operating in the Eagle Ford Shale in Texas.
| Issuer: | Lonestar Resources America Inc.
|
| Amount: | $220 million, increased from $200 million
|
| Maturity: | April 15, 2019
|
| Securities: | Senior notes
|
| Bookrunners: | Jefferies LLC, Wells Fargo Securities LLC
|
| Co-manager: | GMP Securities LP
|
| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| First call: | April 15, 2016 at 106.563
|
| Equity clawback: | 35% at 108.75 until April 15, 2016
|
| Investor put: | 101% upon change of control
|
| Trade date: | April 1
|
| Settlement date: | April 4
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¾% area
|
| Marketing: | Roadshow
|
© 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.
