Cimarex Prices $350M of Senior Notes
Cimarex Energy Co. has sold $350 million of 7.125% senior notes that will mature May 1, 2017. The notes were sold to the public at par. The net proceeds will be used to redeem the 9.6% senior notes assumed in the Magnum Hunter merger which have a face value of $195 million and repay amounts currently outstanding under its revolving credit facility.
Interest is payable May 1 and November 1 of each year. The first interest payment will be made on November 1, 2007, and will consist of interest from closing to that date. The offering is expected to close on May 1, 2007.
J.P. Morgan Securities Inc. and Lehman Brothers Inc. acted as joint book- running managers for the offering. The offering was made only by means of a prospectus.
Denver-based Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Mid-Continent, Permian Basin and Gulf Coast areas of the U.S.
- As US Shale Drillers Suffer, Even The Bankrupt Keep Pumping Oil (Apr 01)
- Shale's Running Out of Survival Tricks as OPEC Ramps Up Pressure (Dec 28)
- Magnum Hunter Latest Oil Producer To Seek Bankruptcy (Dec 15)
Company: Cimarex Energy more info
- Texas Shale Drillers Lure $2 Billion in New Equity to Permian (Feb 02)
- Devon Buys 50,000 shale acres for $249 million cash (May 06)
- Oil Price Slide May Hit Small Oil Companies' Spending Plans for 2012 (Oct 06)