Laredo Petroleum Launches US$1 Billion Offering of Senior Notes

By Isha Makkar
January 10, 2020
a minute read
Hundred Dollar Bill Closeup

Tulsa-based independent energy producer Laredo Petroleum Inc. has commenced an offering of US$600 million in aggregate principal amount of 9.50% senior notes due 2025, and US$400 million in aggregate principal amount of 10.125% senior notes due 2028, representing a US$100 million upsize from the offering announced previously on January 6th. The Company intends to use the net proceeds of the offering to refinance its US$450 million in aggregate principal amount of 5 5/8% senior unsecured notes due January 2022 and US$350 million in aggregate principal amount of 6 1/4% senior unsecured notes due March 2023 through tender offers or, if applicable, redemptions, and to pay tender premiums and fees and the fees and expenses related to the offering and for general corporate purposes, including repaying a portion of the borrowings outstanding under the Company’s senior secured credit facility. BofA Securities, Wells Fargo Securities, BMO Capital Markets, Goldman Sachs & Co. LLC, Barclays and Capitol One Securities are acting as joint book-running managers for the offering. The offering is expected to close on January 24th, 2020, subject to customary closing conditions.

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