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Halcon Resources Corporation announced that it has priced $700 million in aggregate principal amount of senior secured notes due 2020 in a private offering. The Notes will bear interest at a rate of 8.625% per annum and will be issued at par. The Notes offering was increased from the previously announced $500 million aggregate principal amount. The Notes will be secured by second-priority liens on substantially all of Halcon's and its subsidiary guarantors' assets that secure the Company's senior secured revolving credit facility.
Halcon intends to use the net proceeds from the offering to repay the outstanding borrowings under its senior secured revolving credit facility and for general corporate purposes.