Laredo Petroleum Inc a Delaware corporation announced the pricing of $400 million in aggregate principal amount of 7.750% senior unsecured notes due 2029 at par in a private offering to eligible purchasers. The Company plans to use the net proceeds from the offering for general corporate purposes, including repaying the borrowings outstanding under the Company’s senior secured credit facility. The offering is expected to close on July 16, 2021, subject to customary closing conditions.
The notes will be senior unsecured obligations of the Company and will be guaranteed on a senior unsecured basis by the Company’s existing subsidiaries and all of its future subsidiaries, with certain exceptions. The statements and the related guarantees have not and will not be registered under the Securities Act of 1933, as amended or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
The notes and the related guarantees will be offered and sold only to persons reasonably believed to be qualified institutional buyers in the United States under Rule 144A under the Securities Act and outside the United States under Regulation S under the Securities Act.
The press release does not include any details about the sale.Laredo Petroleum Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Laredo’s business strategy is focused on the acquisition, exploration and development of oil and natural gas properties, primarily in the Permian Basin in West Texas.
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