Rex Energy Corp. (REXX) said Friday that it has priced an offering of $250 million aggregate principal amount of its 8.875% senior notes due 2020 at an issue price of 99.3% of the aggregate principal amount of the Senior Notes.
The offering is expected to close on December 12.
Rex Energy estimates that it will receive net proceeds of about $242.8 million, after deducting the initial purchasers' discount and estimated offering expenses.
The company will use the net proceeds of the offering to repay all of the borrowings outstanding under its revolving credit facility, to repay in full, and terminate, its second lien term loan and for general corporate purposes.
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