Finance - Redemptions
The redemption will be funded with cash on hand, primarily with the net proceeds from Atlas Pipeline's sale of its remaining 49% interest in Laurel Mountain Midstream LLC.
The MRP B shares are expected to be rated AA by Fitch Ratings.
As of February 3, $225 million of the 2013 notes and $300 million of the 2015 notes were outstanding.
A portion of the net proceeds will redeem all $444.7 million in aggregate principal amount of outstanding 7¼% senior notes due 2011.
The redemption was financed with proceeds from a recently completed public offering of $1.2 billion aggregate principal amount of senior notes.
Exco received proceeds of approximately $724.4 million.
The redemption is for various amounts of 6.625% senior notes due 2011, 5.95% senior notes due 2012, 5.15% senior notes due 2013 and 4.95% senior notes due 2013.
The tender offer consideration and total consideration applies to its 8.625% notes due 2014, 6% senior notes due 2016 and 9.75% notes due 2019.
The company is offering to purchase for cash any and all of its 6.5% notes due 2012.
The offer is being made in conjunction with previously announced tender offers by its Delaware and Bermuda subsidiaries.
Brigham intends to call for redemption on Oct. 8 all notes that remain outstanding after the consummation of the offer at a redemption price of $1,048.13 per $1,000 principal amount of notes.
Hart Energy Events
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11/20/14Conference: North American LNG Exports - Expanding Beyond the Gulf Coast