27.10.2014 16:57:31
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Carrizo Oil & Gas Launches $250 Mln Private Senior Notes Offering
(RTTNews) - Carrizo Oil & Gas, Inc. (CRZO) said Monday that it has commenced a private offering to eligible purchasers of $250 million aggregate principal amount of 7.50% senior notes due 2020.
The company said it plans to use the net proceeds from the proposed offering to fund the acquisition of oil and gas properties located in the Eagle Ford Shale from Eagle Ford Minerals, LLC, for $243.0 million, net of working capital adjustments and for general corporate purposes.
According to Carrizo, $93.0 million was paid at closing which was funded from borrowings under the existing revolving credit facility which will be repaid with net proceeds from the offering. The remaining $150.0 million will be paid on a deferred basis no later than February 16, 2015 with borrowings under the existing revolving credit facility.
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