Carrizo O&G announced the results of its tender offer for up to $300,000,000 aggregate principal amount of its outstanding 4.375% Convertible Senior Notes due 2028 (the "Convertible Senior Notes"), which expired at 5:00 p.m., New York City time, on November 23, 2010. Based on the information received from Wells Fargo Bank, National Association, the depositary for the tender offer, $359,938,000 aggregate principal amount of Convertible Senior Notes were validly tendered and not withdrawn pursuant to the tender offer. In accordance with the terms and conditions of the tender offer, Carrizo has accepted for purchase $300,000,000 aggregate principal amount of Convertible Senior Notes for an aggregate consideration of approximately $306,307,292, including accrued and unpaid interest on the Convertible Senior Notes.
Because the tender offer was oversubscribed, the aggregate principal amount of Convertible Senior Notes that Carrizo purchased from each tendering noteholder was prorated. Carrizo has been informed by the depositary that the proration factor is approximately 83.4%. In accordance with the terms of the tender offer, the depositary will promptly issue payment for the Convertible Senior Notes accepted for purchase and will return all other Convertible Senior Notes tendered.
After Carrizo's purchase of $300,000,000 aggregate principal amount of Convertible Senior Notes, approximately $73,750,000 aggregate principal amount of Convertible Senior Notes will remain outstanding.
Credit Suisse Securities (USA), RBC Capital Markets and Wells Fargo Securities acted as the dealer managers for the tender offer.
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