Carrizo O&G has priced a private offering of $200 million aggregate principal amount of its senior unsecured notes due 2018 at an offering price equal to 98.501%. The newly offered notes will have substantially identical terms as Carrizo's 8.625% Senior Notes due 2018 that are currently outstanding. The offering is expected to close on November 17, 2011, subject to satisfaction of customary closing conditions.
Carrizo intends to use the net proceeds from the offering to repay a substantial portion of the borrowings outstanding under its senior credit facility.
The notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The senior unsecured notes will be offered only to qualified institutional buyers under Rule 144A under the Securities Act and non-U.S. persons under Regulation S.
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