Brigham Prices Senior Notes
Brigham has priced an offering of $300 million aggregate principal amount of its 8.75% senior notes due 2018 ("Senior Notes") at an offer price of 100%. The size of the offering was increased from the previously announced $250 million to $300 million.
Brigham intends to use the net proceeds from the Senior Notes offering to purchase up to $160 million principal amount of its existing 9 5/8% senior notes due 2014 ("2014 Notes") pursuant to a tender offer, to fund a portion of its 2011 capital budget and for general corporate purposes, including to redeem or otherwise acquire any remaining outstanding 2014 Notes not purchased pursuant to the tender offer. Brigham expects the closing of the Senior Notes offering to occur on or about September 27, 2010.
The Senior Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and state securities laws. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy the Senior Notes.
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