Quicksilver Resources intends to offer, subject to market and other conditions, $425 million aggregate principal amount of Senior Notes due 2016. The offering and sale of the Senior Notes due 2016 is pursuant to an automatic shelf registration statement on Form S-3 filed today with the Securities and Exchange Commission. The notes will be fully and unconditionally guaranteed on a senior basis by certain of Quicksilver's domestic subsidiaries.
Quicksilver intends to use the net proceeds from this offering, and the net proceeds from its previously announced sale of an interest in certain oil and gas leases, royalty interests, mineral interests and related assets to Eni US Operating Co. Inc. and Eni Petroleum US LLC, to repay the remaining indebtedness under its second lien term loan facility due 2013. This offering is conditioned upon the consummation of such sale, which is expected to occur on or about June 19, 2009.
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