Finance - Redemptions
XTO has retained Barclays Capital Inc. and J.P. Morgan Securities LLC as dealer managers.
Tortoise intends to utilize its bank line of credit to facilitate the redemption.
XTO funded the purchase of the securities with available cash on hand and inter-company borrowings from its parent company ExxonMobil.
Calfrac Holdings intends to use the net proceeds to pay debt; to fund the previously announced tender offer for its 7.75% senior notes due 2015; for general corporate purposes; and to pay related fees and expenses.
The company has accepted for purchase all notes validly tendered and not validly withdrawn pursuant to the tender offer.
The pending issuance would improve MarkWest's financial flexibility and liquidity following the retirement of the 2014 senior notes, according to Fitch.
A portion of the net proceeds will be used to purchase any and all of the outstanding $225 million aggregate principal amount of its 6.875% senior notes due 2014, and $150 million aggregate principal amount of its 6.875% senior notes due 2014.
Due to favorable market conditions, the size of the offering was increased from $500 million to $600 million.
Harvest Operations used a portion of the net proceeds from the issuance of the 6 7/8% senior notes to fund the payment of consideration and costs relating to the offer.