QEP Resources, Inc. (NYSE: QEP) announced that it has priced an underwritten public offering of $650 million of 5.250% Senior Notes due May 1, 2023.
The notes are being offered to fund a portion of the consideration to acquire producing and undeveloped oil and gas properties in North Dakota's Williams and McKenzie counties. The oil and gas properties will be acquired pursuant to two related purchase and sale agreements.
Prior to the consummation of the transactions contemplated by the purchase and sale agreements, the net proceeds from this offering will be held by QEP Resources and a portion of those proceeds will be used to temporarily pay down any outstanding amounts under QEP Resources' revolving credit facility.
J.P. Morgan Securities LLC, BMO Capital Markets Corp., Deutsche Bank Securities Inc., Wells Fargo Securities, LLC, and Citigroup Global Markets, Inc. are acting as joint book-running managers of the offering.
Recommended Reading
EQT Sees Clear Path to $5B in Potential Divestments
2024-04-24 - EQT Corp. executives said that an April deal with Equinor has been a catalyst for talks with potential buyers as the company looks to shed debt for its Equitrans Midstream acquisition.
TotalEnergies, Vanguard Renewables Form RNG JV in US
2024-04-24 - Total Energies and Vanguard Renewable’s equally owned joint venture initially aims to advance 10 RNG projects into construction during the next 12 months.
Ithaca Energy to Buy Eni's UK Assets in $938MM North Sea Deal
2024-04-23 - Eni, one of Italy's biggest energy companies, will transfer its U.K. business in exchange for 38.5% of Ithaca's share capital, while the existing Ithaca Energy shareholders will own the remaining 61.5% of the combined group.
EIG’s MidOcean Closes Purchase of 20% Stake in Peru LNG
2024-04-23 - MidOcean Energy’s deal for SK Earthon’s Peru LNG follows a March deal to purchase Tokyo Gas’ LNG interests in Australia.
Marketed: Stone Hill Minerals Holdings 95 Well Package in Colorado
2024-02-28 - Stone Hill Minerals Holdings has retained EnergyNet for the sale of a D-J Basin 95 well package in Weld County, Colorado.