By Paul A. Harris
Portland, Ore., Dec. 15 – Gulfport Energy Corp. priced a $600 million issue of 8.5-year senior notes (B2/B+) at par to yield 6 3/8% on Thursday, according to a syndicate source.
The yield printed at the wide end of yield talk that had been set in the 6¼% area.
Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Barclays, KeyBanc Capital Markets, PNC Capital Markets, Scotia Capital and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds will be used to help fund the acquisition of 46,400 acres in the core of the South Central Oklahoma Oil Province (Scoop) from Vitruvian II Woodford, LLC.
Gulfport Energy’s operations are focused primarily in the Utica Shale, the Louisiana Gulf Coast and the Scoop.
Issuer Gulfport Energy Corp.
| Amount: | $600 million
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| Maturity: | May 15, 2025
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| Securities: | Senior notes
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| Bookrunners: | Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Barclays, KeyBanc Capital Markets, PNC Capital Markets, Scotia Capital, Wells Fargo Securities LLC
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| Coupon: | 6 3/8%
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| Price: | Par
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| Yield: | 6 3/8%
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| Spread: | 382 bps
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| First call: | May 15, 2020 at 104.781
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| Equity clawback: | 35% at 106.375 until May 15, 2020
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| Trade date: | Dec. 15
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| Settlement date: | Dec. 21
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| Ratings: | Moody’s: B2
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| Standard & Poor’s: B+
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| Distribution: | Rule 144A and Regulation S with registration rights
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| Price talk: | 6¼% area
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| Marketing: | Investor call (in the market overnight)
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