Berry Petroleum intends to publicly offer, subject to market and other conditions, an additional $75 million in aggregate principal amount of its 10¼ senior notes due 2014. The notes are expected to be offered as additional notes under an indenture, as supplemented by a supplemental indenture, pursuant to which it issued $325 million principal amount of 10¼% senior notes due 2014 on May 27, 2009. The notes and the previously issued $325 million principal amount of notes will be treated as a single series of debt securities under the indenture. The offering will be made under Berry's effective shelf registration statement as filed today with the Securities and Exchange Commission (SEC).
Berry intends to use the net proceeds of the offering to reduce outstanding borrowings under its senior secured revolving credit facility.
Most Popular Articles