Seven Energy pulls planned bond issue

Seven Energy has pulled a seven-year non-call three transaction that it originally planned to launch and price later today, citing “adverse market conditions.”

The oil and gas company, rated B- by both Standard & Poor’s and Fitch, had announced guidance of 9.50% area for an up to US$500m bond deal on Wednesday, having released initial price thoughts of mid 9% on Tuesday.

“Due to today’s adverse market conditions, Seven Energy has chosen not to proceed with their bond transaction today. The company will revisit the market once the backdrop is more favourable,” the company said in a short statement on Thursday

Seven Energy thanked investors for their support.

Deutsche Bank, Morgan Stanley and Standard Chartered were the lead managers.