logo
Share SHARE
FONT-SIZE Plus   Neg

Sanchez Energy Prices Upsized $850 Mln Private Senior Notes Offering

Sanchez Energy Corp. (SN) said Friday that it has priced at par its private offering to eligible purchasers of $850 million in aggregate principal amount of 6.125% senior notes due 2023.

The offering was upsized from the previously announced $700 million aggregate principal amount and is expected to close on June 27.

If closing of the offering occurs prior to closing of its pending Catarina acquisition, Sanchez Energy will deposit the net proceeds of the offering into escrow pending closing of the Catarina acquisition. Upon release from escrow, Sanchez Energy plans to use the net proceeds from the offering to fund its pending Catarina acquisition, together with the net proceeds from its concurrent common stock offering, and for general corporate purposes, including working capital and to repay borrowings under its credit facility.

If the closing of the pending Catarina acquisition does not occur on or prior to August 31, or if the purchase and sale agreement for the pending Catarina acquisition is terminated at any time before then, Sanchez Energy will use all of the net proceeds of the offering for redemption of the senior notes at a redemption price equal to 100% of the aggregate principal of the senior notes being redeemed, plus accrued and unpaid interest to the redemption date.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Bank of Nova Scotia or otherwise known as Scotiabank, Friday reported lower net profit for the third quarter, in the absence of a year-ago gain. Earnings per share, however, came in line with the Street view. Further, the company said it raised its quarterly dividend by 2 cents. Non-traditional discount and variety stores operator Big Lots Inc. (BIG) Friday reported a decline in net profit for the second quarter, while net sales grew 1.2 percent from the prior year. Comparable sales for the quarter increased 2.8 percent. Google has rejected the European Union's charges that it abused its market power and the demanded that it change the way it ranks online comparison shopping services in its search results, setting up a potentially long legal battle with the EU regulator empowered to levy billions of euros in fines
comments powered by Disqus
RELATED NEWS
Trade SN now with 
Follow RTT