Endeavour add-on notes price at 109 to yield 9.44%; terms

Endeavour International today competed an add-on offering of its 12% first-priority notes due 2018 via sole bookrunner Credit Suisse, according to sources. Proceeds from the deal will be used to repay outstanding 12% subordinated notes due 2014 and to finance a portion of the construction, improvement and other capital costs related to U.S. and U.K oil and natural-gas properties, according to the company. The original $350 million issue priced in February. Houston-based Endeavour is an oil-and-gas exploration-and-production company with operations in the U.K. and U.S. Terms:

Issuer Endeavour International
Ratings CCC+/Caa1
Amount $54 million
Issue add-on first priority notes
Coupon 12%
Price 109
Yield-to-worst 9.436%
Spread T+887
FRN eq. L+874
Maturity March 1, 2018
Call nc2.5
Trade Oct. 9, 2012
Settle Oct. 15, 2012 (T+3)
Joint Bookrunners CS
Px talk  n/a
Notes Issue size now $404 million; original $350 million priced in February, at 96.

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