Vine Energy talks $950 million eight-year notes at 6¾% area yield; pricing Wednesday

By Paul A. Harris

Portland, Ore., March 31 – Vine Energy Holdings LLC talked its $950 million offering eight-year senior notes (B3/B-/B) to yield in the 6¾% area, according to market sources.

Official talk comes on top of initial guidance.

Books close at noon ET on Wednesday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

Left lead bookrunner Morgan Stanley & Co. LLC will bill and deliver. Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Barclays, BofA Securities Inc., RBC Capital Markets LLC, KeyBanc Capital Markets Inc., SG Americas Securities LLC and MUFG are the joint bookrunners. Blackstone is the co-manager.

The notes become callable after three years at par plus 50% of the coupon.

The Plano, Tex.-based energy company plans to use the proceeds to refinance its 8¾% senior notes due 2023 and its 9¾% senior notes due 2023.

Vine Energy is focused on the development of natural gas properties in the stacked Haynesville and Mid-Bossier shale plays in the Haynesville Basin of Northwest Louisiana.

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