Sanchez Energy Corp. (NYSE: SN) priced an upsized private offering of 6.125% senior notes due 2023, the company said June 13. The offer, of $850 million in aggregate principal amount, was upsized from $700 million, Sanchez said.
The offer is scheduled to close June 27, the company noted.
Net proceeds might be put in escrow if the offer closes before Sanchez closes its Catarina acquisition, the company said, noting that once they are out of escrow, the proceeds will support general corporate purposes. These include working capital and the payment of credit facility borrowings, the company added. General corporate purposes will also be supported through the net proceeds of a common stock offer, the company said.
If the Catarina deal does not turn out, Sanchez will use the proceeds to redeem the notes, the company said.
Houston-based Sanchez Energy Corp. operates in the Tuscaloosa Marine and Eagle Ford Shales.
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