The notes were priced at 98.629% of their face value to yield 9.875%, and will be issued pursuant to an indenture dated April 20, 2006. The notes will be fully and unconditionally guaranteed by certain Brigham subsidiaries. Brigham intends to use the net proceeds from the notes offering to repay all amounts currently outstanding under its senior and subordinated credit agreement. In addition, the proceeds will fund exploration and development activities and general corporate purposes.
With the completion of the notes offering, Brigham will terminate its subordinated credit agreement.
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