GeoPark (GPRK) said Tuesday it plans to offer senior notes in a private placement to eligible institutional buyers.
The pricing and terms of the notes will depend on market conditions and other factors, the company said.
The company also announced a cash tender offer to repurchase all of its outstanding 5.500% notes due 2027.
GeoPark plans to use the net proceeds from the offering to repurchase its notes due 2027, repay up to $152 million in outstanding prepayments under an offtake and prepayment agreement, and use any remaining funds for general corporate purposes.
Shares of GeoPark were down more than 5% in recent trading.
Price: 9.89, Change: -0.57, Percent Change: -5.41
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