Laredo has completed an offering of $200 million of senior unsecured notes to eligible purchasers in the private placement market.
The senior notes were issued under the same indenture and are part of the same series as Laredo's outstanding senior notes issued on January 20, 2011. The senior notes carry a coupon rate of 9.5% and will mature on February 15, 2019, with interest accruing from August 15, 2011 and payable on a semi-annual basis, beginning on February 15, 2012.
The net proceeds from the offering of the senior notes will be used to pay down amounts outstanding under Laredo's senior secured credit facility.
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