RLPC: Fieldwood Energy sets price guidance on $2.63B loan

NEW YORK, Sept 9 Mon Sep 9, 2013 4:57pm EDT

Related Topics

NEW YORK, Sept 9 (Reuters) - Oil and gas outfit Fieldwood Energy set price guidance on its new $2.625 billion loan backing its $3.75 billion purchase of Apache Corporation's Gulf of Mexico Shelf business, sources told Thomson Reuters LPC.

A $900 million, five-year first-lien term loan is guided at LIB+300, with a 1 percent Libor floor and a 99 original issue discount. The first-lien term loan will have 101 soft call protection for six months.

A $1.725 billion, seven-year second-lien term loan is guided at LIB+600-625, with a 1.25 Libor floor, and an original issue discount of 98-99. The second-lien loan will include call protection of non-callable in year one, then 102, 101.

The first- and second-lien term loans are expected to be covenant-lite.

JP Morgan leads the second-lien term loan and Citi leads the first-lien term loan. Bank of America Merrill Lynch, Goldman Sachs and Deutsche Bank also serve as arrangers. Expected corporate family ratings are B1/B.

Houston-based Fieldwood Energy LLC is a portfolio company of Riverstone Holdings LLC. Fieldwood was formed to pursue conventional oil and gas acquisition and development opportunities throughout the United States.


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.