New Issue: Tap Rock prices upsized $500 million 7% five-year notes at par

By Paul A. Harris

Portland, Ore., Sept. 22 – Tap Rock Resources, LLC priced an upsized $500 million issue of five-year senior notes (B3/B) at par to yield 7% on Wednesday, according to market sources.

The deal priced on top of guidance.

J.P. Morgan Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc., RBC Capital Markets LLC and KeyBanc Capital Markets Inc. were the joint bookrunners.

The Golden, Colo.-based oil and gas company plans to use the proceeds to repay debt under its revolver and fund a distribution.

Issuer:	Tap Rock Resources, LLC
Amount:	$500 million, increased from $400 million
Maturity:	Oct. 1, 2026
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc., RBC Capital Markets LLC and KeyBanc Capital Markets Inc.
Coupon:	7%
Price:	Par
Yield:	7%
Spread:	617 bps
Call protection:	Two years
Trade date:	Sept. 22
Ratings:	Moody's: B3
	S&P: B
Distribution:	Rule 144A and Regulation S

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