Carrizo Oil & Gas Inc. (NASDAQ: CRZO) opened a public offering of $600 million, in aggregate principal amount, of senior notes, the company said April 14.
The notes are due 2023.
Also, a cash tender offer is being made for a buyback of all 8.625% notes due 2018, and there is a conditional call for redemption of those notes that are not bought back prior to the redemption date. The tender offer and the redemption are subject to conditions, Carrizo added.
Net proceeds from the note offering, and some net proceeds from an offering of about 5.2 million common shares closed on March 20, will finance the redemption. Any excess proceeds will pay outstanding revolving credit facility debts and support general corporate purposes.
RBC Capital Markets LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, BBVA Securities Inc., Capital One Securities Inc. and Credit Agricole Securities (USA) Inc. are joint book-running managers.
SG Americas Securities LLC, Mitsubishi UFJ Securities (USA) Inc., Regions Securities LLC, IBERIA Capital Partners LLC, and KeyBanc Capital Markets Inc. are joint lead managers.
Houston-based Carrizo Oil & Gas Inc. explores and develops domestic natural gas and oil.
Recommended Reading
Deepwater Roundup 2024: Offshore Africa
2024-04-02 - Offshore Africa, new projects are progressing, with a number of high-reserve offshore developments being planned in countries not typically known for deepwater activity, such as Phase 2 of the Baleine project on the Ivory Coast.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.
E&P Highlights: April 1, 2024
2024-04-01 - Here’s a roundup of the latest E&P headlines, including new contract awards.
Deepwater Roundup 2024: Offshore Europe, Middle East
2024-04-16 - Part three of Hart Energy’s 2024 Deepwater Roundup takes a look at Europe and the Middle East. Aphrodite, Cyprus’ first offshore project looks to come online in 2027 and Phase 2 of TPAO-operated Sakarya Field looks to come onstream the following year.
Exxon Mobil Green-lights $12.7B Whiptail Project Offshore Guyana
2024-04-12 - Exxon Mobil’s sixth development in the Stabroek Block will add 250,000 bbl/d capacity when it starts production in 2027.