Finance - buy Backs
Aggregate principal amounts of Rosetta’s 5.625% notes due 2021, 5.875% notes due 2022, and $500 million of 5.875% notes due 2024 were validly tendered on early consent.
The exchange offer of $600 million of 6.125% senior notes due 2022 for an identical amount of outstanding, identical notes from a private placement closed July 9.
The 0.09% notes are due in 2022, and were previously issued in a private placement. They will be exchanged for an identical amount of new, identical registered notes.
The outstanding registered 6.125% registered notes will be exchanged for identical notes issued on Nov. 17, 2014 in a private placement. The exchange offer is scheduled to close July 9.
The 6.25% senior notes are due 2023 and will be exchanged for new, registered but otherwise identical notes. The exchange offer is scheduled to expire on July 1, unless extended.
The buyback has no fixed expiration. Payments will support working capital. Robert Herlin, CEO, said the company’s planned 2016 cash flow will support NGL plant in Louisiana’s Delhi Field.
Terms and conditions for the offer were made May 26. Offer will expire June 22. The 0.09% notes, due 2022, will be exchanged for new 0.12% second-lien notes due 2020.
The outstanding 10% senior secured notes are due 2019. They were sold in a July 2014 private offering. The exchange offer will be open for at least thirty days.
There is $750 million, in aggregate principal amount, of the notes due 2019. The tender offer is scheduled to close May 27 unless extended or ended earlier.
Net proceeds from a public offering of $400 million, in aggregate principal amount, will fund purchase price and unpaid interest for the validly tendered 7.875% senior unsecured notes due 2018.
The exchange will fulfill registration obligations for the private placement notes. A registration statement was filed with the Securities and Exchange Commission. The offer is scheduled to close June 8.
The Denver company said it has sufficient cash on hand to fund the purchase price of the notes.