Midstates Petroleum Co. Inc. (NYSE: MPO) and its wholly-owned subsidiary Midstates Petroleum Co. LLC announced the closing of their previously announced acquisition of all of Eagle Energy Production LLC’s producing properties as well as their developed and undeveloped acreage primarily in the Mississippian Lime oil play in Oklahoma and Kansas for $325 million in cash and 325,000 shares of Midstates’ Series A preferred stock.

The company also announced the closing of their private placement of $600 million in aggregate principal amount of 10.75% senior unsecured notes. The notes mature on Oct. 1, 2020, and were issued at 100% of face value.

The net proceeds from the notes offering were used to finance the cash portion of the purchase price of the Eagle Energy Acquisition, to repay outstanding borrowings under the company’s revolving credit facility, to pay the expenses related to the Eagle Energy Acquisition, the offering of the notes and the related amendments to the company’s revolving credit facility, and for general corporate purposes.