Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Pisces Energy Seeks $185 Million Loan for Property Acquisitions

Pisces Energy LLC, a natural gas and oil exploration company, is seeking a $185 million term loan to acquire properties in the Gulf of Mexico from Exxon Mobil Corp. and BHP Billiton Ltd., according to a person with knowledge of the transaction.

The four-year debt will pay 10 percentage points more than the London interbank offered rate, said the person, who declined to be identified because the terms are private. Libor, a rate banks say they can borrow in dollars from each other, will have a 2 percent floor.

Pisces Energy is proposing to sell the loan at 97 cents on the dollar, the person said, reducing proceeds for the company and boosting the yield to investors.

The company won’t be able to refinance the debt during the first two years, then can do so at 105 cents on the dollar in the third year and 103 cents on the dollar in the fourth year.

UBS AG is arranging the financing for the Metairie, Louisiana-based company, the person said. The deal is expected to close and fund in mid-May.

Proceeds from the financing will also be used to pre-fund development capital expenditures and recapitalize the company’s balance sheet, the person said.

Pisces Energy was formed in March 2008 to acquire Gulf of Mexico properties from El Paso Production Co. and has interests in 39 offshore oil and gas leases, according to the company’s website.

William Gray, chief executive officer of Pisces Energy, di

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.