Finance & Investing | Debt | Capital Markets
Carrizo Initiates $250 Million Private Offering
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Carrizo Oil & Gas, Inc. has commenced a private offering to eligible purchasers, subject to market and other conditions, of $250 million aggregate principal amount of 7.50% senior notes due 2020.
Carrizo intends to use the net proceeds from the proposed offering to fund the acquisition of oil and gas properties located in the Eagle Ford Shale from Eagle Ford Minerals, LLC, for $243.0 million, net of working capital adjustments and for general corporate purposes. $93.0 million was paid at closing which was funded from borrowings under the existing revolving credit facility which will be repaid with net proceeds from the offering. The remaining $150.0 million will be paid on a deferred basis no later than February 16, 2015 with borrowings under the existing revolving credit facility.