Gastar Exploration USA, a subsidiary of Gastar Exploration Ltd. (NYSE: GST), intends to offer $125 million of its 8 5/8% senior secured notes due 2018 in a private placement to eligible purchasers.
The additional notes are being offered as additional notes to Gastar USA's existing $200 million private placement made on May 15, 2013. The additional notes and the notes issued on May 15, 2013 will be treated as a single class of debt securities and will have identical terms, other than the issue date.
Net proceeds will be used to fund a portion of the costs associated with the separately announced pending acquisition of Midcontinent assets from Lime Rock Resources II-A LP and Lime Rock Resources II-C LP. Closing of the additional notes will be conditional upon the satisfaction of all conditions to the closing of the pending acquisition except for the payment of the purchase price.
The additional notes will not be registered under the Securities Act or the securities laws of any state and may not be offered or sold in the U.S. absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws or blue sky laws and foreign securities laws.
Gastar Exploration Ltd. is an independent energy company engaged in the exploration, development, and production of natural gas, condensate, oil, and NGLs in the US. The company is based in Houston.
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