Chord Energy Corp. has priced a private placement of $750 million in 6.75% senior unsecured notes due 2033 to improve its debt structure and finances, Houston-based Chord said March 3.
The notes were priced at par and are expected to close on March 13.
The new notes will be guaranteed by Chord’s existing subsidiaries and future domestic subsidiaries that guarantee the company's senior secured revolving credit facility, the company said in its release.
Chord said it plans to use the net proceeds to buy back all outstanding 6.375% senior unsecured notes due 2026 through a cash tender offer. Any remaining 2026 notes will be redeemed by June 1, at full face value plus accrued interest.
Additionally, Chord will use part of the funds to reduce its credit facility borrowings and cover all associated fees and expenses.
Chord is also looking to sell its Marcellus non-operated gas interests spanning across Pennsylvania in Susquehanna, Bradford, Wyoming, Sullivan and Lycoming counties, the company stated in its Feb. 26 earnings call.
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