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PDC Energy driving by with $150 million tap of 5¾% notes due 2026; initial talk 99 to par
By Paul A. Harris
Portland, Ore., Sept. 10 – PDC Energy, Inc. plans to price a $150 million add-on to its 5¾% senior notes due May 15, 2026 (existing ratings Ba3/BB) in a Thursday drive-by following a mid-morning conference call with investors, according to market sources.
Initial price talk is 99 to par, a trader said.
BofA Securities Inc. is the left bookrunner for the public offering. J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BMO Capital Markets Corp. and TD Securities (USA) LLC are the joint bookrunners.
BBVA Securities Inc., U.S. Bancorp Investments Inc., Scotia Capital (USA) Inc., CIBC World Markets Corp., Citigroup Global Markets Inc., KeyBanc Capital Markets Inc. and PNC Capital Markets LLC are the senior co-managers. Capital One Securities Inc., Trust Securities Inc., Fifth Third Securities Inc., Comerica Securities Inc., BOK Financial Securities Inc., Credit Agricole Securities (USA) Inc. and TCB Capital Markets are the co-managers.
The notes become callable on May 15, 2021.
The Denver-based energy exploration and production company plans to use the proceeds to pay down its revolving credit facility and for general corporate purposes.
The original $600 million issue priced in November 2017.
The add-on notes are expected to immediately become fungible with existing notes.
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