Continental Resources talks $300 million 10-year notes at 8½% area

By Paul A. Harris

St. Louis, Sept. 17 - Continental Resources, Inc. set price talk for its $300 million offering of 10-year senior notes (/BB/) at the 8½% area on Thursday, according to a market source.

Meanwhile, timing on the deal was moved up. The books are scheduled to close at 10 a.m. ET on Friday, with the notes expected to price thereafter. Originally the deal was expected to price early next week.

The Rule 144A with registration rights deal is being led by Bank of America Merrill Lynch. RBS Securities Inc. and Wells Fargo Securities are joint bookrunners.

Capital One Southcoast, Fortis Investments and Mitsubishi are senior co-managers. BBVA Securities Inc., TD Securities (USA) LLC and U.S. Bancorp are co-managers.

The notes come with five years of call protection and a change-of-control put at 101%.

Proceeds will be used to repay a portion of the company's revolving credit facility.

The prospective issuer is an Enid, Okla.-based independent oil and natural gas exploration and production company.

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