Midstates Petroleum Company, Inc. (MPO) and its wholly owned subsidiary Midstates Petroleum Company LLC announced that, subject to market conditions, they intend to offer for sale in a private placement under Rule 144A and Regulation S of the Securities Act of 1933, as amended, to eligible purchasers $550 million in aggregate principal amount of senior unsecured notes due 2020.
The Company intends to use the net proceeds from the private placement to fund the cash portion of the purchase price of the Company’s previously announced acquisition of Eagle Energy Production, LLC assets and expenses related to the Eagle Energy Acquisition, the private placement and entry into an amendment to the Company’s revolving credit facility, to repay a portion of the outstanding borrowings under the Company’s revolving credit facility and for general corporate purposes.
The Eagle Energy Acquisition is expected to close on or about October 1, 2012, subject to customary closing conditions. The private placement is not a condition to the closing of the Eagle Energy Acquisition.
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