Kodiak Oil & Gas Corp. (KOG: Quote) said Thursday that it has upsized and priced a private offering of $350 million in aggregate principal amount of senior notes due 2021 in a private placement to eligible investors.
The notes will bear interest at 5.50% per annum and are being issued at a price of 100% of their face amount.
Kodiak expects to close the notes offering on January 15.
The company plans to use the net proceeds of the offering to pay down a portion of the outstanding debt under its first lien credit agreement, such that, after giving effect to such pay down, the remaining balance thereunder will be $1.6 million.
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by RTT Staff Writer
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