Alta Mesa Holdings LP and its wholly-owned subsidiary, Alta Mesa Finance Services Corp., announced the closing of its private offering of $150 million in aggregate principal amount of senior notes due 2018 in a private placement to eligible investors.
The Notes bear interest at 9.625% per annum and were issued at a price of 99% of their face amount, providing a yield to maturity of 9.850%. These Notes were offered as additional notes under an indenture pursuant to which Alta Mesa initially issued $300 million principal amount of its 9 5/8% senior notes due 2018 on Oct. 13, 2010. The Notes will be treated as a single series with, and will have the same terms as, the existing notes, but will not be fungible with the existing notes for trading purposes unless and until they are exchanged for registered notes.
Alta Mesa applied the net proceeds of this private offering to repay existing indebtedness under its senior secured revolving credit facility.
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