Finance & Investing | Capital Markets | Private Equity Activity
Eclipse to Fuel Capex with $550MM Private Placement
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Eclipse Resources Corporation reported the pricing of its previously announced private placement of senior notes to eligible purchasers under Rule 144A and Regulation S of the Securities Act of 1933, as amended.
The Company will issue $550 million aggregate principal amount of 8.875% senior unsecured notes due 2023. The Notes will be issued at a price of 97.903% of their face value. The offering is expected to close on July 6, 2015, subject to customary closing conditions.
The Company estimates that it will receive net proceeds of approximately $525.5 million, after deducting original issue discount, the initial purchasers’ discounts and estimated offering expenses, of which it intends to use approximately $510.7 million to finance the redemption of the Company’s outstanding 12.0% senior unsecured PIK notes due 2018. The Company intends to use the remaining net proceeds to fund the Company’s capital expenditure plan and for general corporate purposes.
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