Gastar Exploration USA, a subsidiary of Gastar Exploration Ltd. (GST), said Tuesday that it plans to offer $200 million aggregate principal amount of senior secured notes due 2018 in a private placement to eligible purchasers.
Gastar USA plans to use the net proceeds from the offering to finance the purchase price for its separately announced pending acquisition of Mid-Continent assets from Chesapeake Energy Corp., repurchase about 6.78 million shares of the Parent's common stock held by Chesapeake and settle all current litigation with Chesapeake, repay in full outstanding borrowings under its existing revolving credit facility and for general corporate purposes.
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