Trilogy to price C$250 million seven-year notes talked to yield 7¼%

By Cristal Cody

Prospect News, Dec. 6 -Trilogy Energy Corp. was set to price C$250 million of seven-year senior notes (/B/DBRS: B) late on Thursday, according to sources close to the deal.

The notes due 2019 were talked to yield 7¼%.

Trilogy Energy wrapped a four-day roadshow in Canada and the U.S. markets on Thursday. Final pricing terms were not immediately available.

Scotia Capital Inc., RBC Capital Markets and BMO Capital Markets Corp. are joint bookrunners. Co-managers are CIBC World Markets Inc., TD Securities Inc., AltaCorp. Capital Inc. and Stifel Nicolaus Canada Inc.

The issue is guaranteed by the company's restricted subsidiaries.

The notes will be non-callable for three years. The offering has a 101% change-of-control put and a Canadian call at 100 basis points over the Government of Canada benchmark.

The Calgary, Alta.-based petroleum and natural gas-focused energy corporation plans to use the proceeds for a non-permanent repayment of debt under Trilogy's existing credit facility, capital expenditures and general corporate purposes.

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