Covey Park Energy LLC and Covey Park Finance Corp. have priced a private offering of an additional $175 million in aggregate principal amount of their 7.50% senior notes due 2025 at 104.25% of principal amount plus accrued interest, the company said on Dec. 7.
Covey Park upsized the offering amount from $150 million to $175 million in aggregate principal amount. The notes offering is expected to close on December 11, 2017.
On May 3, 2017, Covey Park and Covey Park Energy Finance Corp. completed an offering of $450 million of their 7.50% senior notes due 2025. The new notes will have the same terms as the initial notes. The new notes and the initial notes will be treated as a single class of securities under the indenture governing the notes, and will mature on May 15, 2025.
Covey Park intends to use the net proceeds from the notes offering to repay borrowings under its revolving credit facility.
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