Finance - buy Backs
The Denver company said it has sufficient cash on hand to fund the purchase price of the notes.
Despite the recent commodity price volatility, the company remains confident in its ability to maintain distributions, CEO says.
The Houston company enacted the program to allow to quickly and efficiently take advantage of any share price volatility in the future.
The offer was funded through proceeds from the parent company’s completed Nov. 14 issuance of $3 billion in senior notes.
The buyback is scheduled to close March 31, 2016, Eagle Rock said.
The program will be in place for 36 months, the company said.
Payments for repurchased shares will be funded through working capital, Sandridge said.
Consol will use the net proceeds to buy back up to $200 million, in principal amount, of its 8.25% notes due 2020.
The company financed the buyback through its secured credit facility, Lighstream said.
All the original notes were validly tendered, the company said.
The offer is scheduled to close July 18, the company said.
The offer now expires on June 30, Regency said.