Stone Energy Corp (SGY) said it has priced an offering of $275 million aggregate principal amount of Senior Notes due 2017. The Senior Notes will bear interest at a rate of 8.625% per annum and will be issued at a price equal to 98.713% of the principal amount thereof, resulting in a yield to maturity of 8.875%.
Stone intends to use the net proceeds from the offering to fund its pending tender offer and consent solicitation for its existing 8 1/4% Senior Subordinated Notes due 2011 and for general corporate purposes. Stone expects to close the sale of the Senior Notes on January 26, 2010.
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