Forest Oil Prices $600MM Debt Offering
Forest Oil Corporation has priced its private offering to eligible purchasers of $600 million principal amount of 8.5% Senior Notes due 2014. The notes mature on February 15, 2014 and are priced at 95.15% of the principal amount to yield 9.75% to maturity. The offering is expected to settle and close on February 17, 2009, subject to customary closing conditions.
Forest intends to use the net proceeds from the offering to repay a portion of the outstanding borrowings under Forest’s bank credit facilities.
- Forest Oil to Put Texas Panhandle Properties Up For Sale (Jul 15)
- Forest Oil Partners with Schlumberger on Eagle Ford Shale Land (Apr 12)
- Forest Oil to Sell South Texas Assets Excluding Eagle Ford (Jan 03)