| NEW YORK, Sept 9
NEW YORK, Sept 9 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
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.