By Paul A. Harris
Portland, Ore., May 13 - Woodbine Acquisition Corp. priced an upsized $250 million issue of 12% five-year senior secured notes with warrants for 74% of the company on Wednesday, according to a market source.
The notes priced at 99.085 to yield 12¼%
The deal priced on top of the price talk.
Global Hunter Securities and Knight Securities managed the sale.
Proceeds will be used to fund the acquisition of Woodbine Properties and for general corporate purposes.
The deal was upsized from $245 million.
The offering had previously been upsized from $225 million when Richland Resources' withdrew a proposed $20 million equity contribution, which would have given Richland a 2.22% working interest and a 3.25% royalty interest in Woodbine Properties.
Woodbine is a Fort Worth, Texas-based oil and gas exploration and production company.
| Issuer: | Woodbine Acquisition Corp.
|
| Amount: | $250 million, increased from $245 million, after having been previously upsized from $225 million
|
| Maturity: | May 15, 2016
|
| Security description: | Senior secured notes with warrants for 74% of the company
|
| Managers: | Global Hunter Securities, Knight Securities
|
| Coupon: | 12%
|
| Price: | 99.985
|
| Yield: | 12¼%
|
| Spread: | 1,040 bps
|
| Call protection: | Two years
|
| Trade date: | May 11
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 12% coupon to yield 12¼% with warrants for 74% of the company
|
| Marketing: | Roadshow
|
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