Greenfire markets $300 million five-year secured notes; initial talk 12% yield with 2 points OID

By Paul A. Harris

Portland, Ore., Sept. 6 – Greenfire Resources Ltd. started a roadshow on Wednesday for a $300 million offering of five-year senior secured notes, according to market sources.

Initial guidance has the deal coming with a 12% all-in yield at a discount of about 2 points, a sellside source said.

The deal is set to price during the Sept. 11 week.

The notes, which are formatted as a Rule 144A offering, and as a private placement in Canada, become callable after three years par plus 50% of the coupon.

BMO is the sole bookrunner. Imperial Capital is the co-manager.

The Calgary, Alta.-based oil and gas exploration and production company plans to use the proceeds to refinance its 12% senior secured notes due August 2025 and to satisfy its Business Combination Agreement Obligation, with any remainder to be used for general corporate purposes.

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