Chaparral Energy has commenced a private placement offering, exempt from registration under the Securities Act of 1933, of an aggregate principal amount of $400 million of senior notes. The senior notes being offered consist of $200 million of Second Priority Senior Secured Notes due 2015 and $200 million of Senior Notes due 2018.
Chaparral intends to use the net proceeds of this proposed offering, together with cash on hand and borrowings under a new senior secured revolving credit facility to repay indebtedness under its existing credit facility and for general corporate purposes. Each of Chaparral's existing and future material domestic subsidiaries will guarantee the senior secured notes on a senior secured basis and the senior notes on a senior basis. The consummation of this offering is conditioned upon our entry into the new senior secured revolving credit facility.
Most Popular Articles