WildHorse Resource Development Corp. (NYSE: WRD) said April 18 it has priced a private placement of $200 million in aggregate principal amount of its 6.875% senior notes due 2025 at an issue price of 102% of par.
The senior notes are being offered as additional notes to the $500 million aggregate principal amount of 6.875% senior notes due 2025 that WildHorse issued on February 1, 2017 and September 19, 2017.
The additional senior notes and the senior notes issued on February 1, 2017 and September 19, 2017 will be treated under the indenture as a single class of debt securities and will have identical terms, but until the additional senior notes are exchanged for registered senior notes, the additional senior notes will trade under a different CUSIP number.
WildHorse intends to use the net proceeds from the proposed offering to repay the borrowings outstanding under its revolving credit facility and for general corporate purposes.
The offering is expected to close on April 20, 2018.
Recommended Reading
Chevron Hunts Upside for Oil Recovery, D&C Savings with Permian Pilots
2024-02-06 - New techniques and technologies being piloted by Chevron in the Permian Basin are improving drilling and completed cycle times. Executives at the California-based major hope to eventually improve overall resource recovery from its shale portfolio.
Deepwater Roundup 2024: Offshore Europe, Middle East
2024-04-16 - Part three of Hart Energy’s 2024 Deepwater Roundup takes a look at Europe and the Middle East. Aphrodite, Cyprus’ first offshore project looks to come online in 2027 and Phase 2 of TPAO-operated Sakarya Field looks to come onstream the following year.
Exxon Versus Chevron: The Fight for Hess’ 30% Guyana Interest
2024-03-04 - Chevron's plan to buy Hess Corp. and assume a 30% foothold in Guyana has been complicated by Exxon Mobil and CNOOC's claims that they have the right of first refusal for the interest.
Pitts: Heavyweight Battle Brewing Between US Supermajors in South America
2024-04-09 - Exxon Mobil took the first swing in defense of its right of first refusal for Hess' interest in Guyana's Stabroek Block, but Chevron isn't backing down.
Exxon Ups Mammoth Offshore Guyana Production by Another 100,000 bbl/d
2024-04-15 - Exxon Mobil, which took a final investment decision on its Whiptail development on April 12, now estimates its six offshore Guyana projects will average gross production of 1.3 MMbbl/d by 2027.