Finance & Investing | Fundraising | Capital Markets | Private Equity Activity
American Energy - Permian Offering $560MM in Notes
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American Energy – Permian Basin, LLC (AEPB), an affiliate of American Energy Partners, LP (AELP), announced today that it intends to offer $560 million of senior secured first lien notes due 2020 (Notes) in a private offering to qualified institutional buyers.
The net proceeds from the offering of the Notes will be used by AEPB to repay in full all loans outstanding under its revolving credit facility. In conjunction with this offering, AEPB and its lending group have agreed to amend AEPB's existing revolving credit facility, which will reset the borrowing base to zero. As of October 15, 2015, AEPB had approximately $40 million of cash and cash equivalents on hand and borrowings of $245 million outstanding under its revolving credit facility. A portion of the offering may be used to fund…
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