Finance & Investing | Fundraising | Capital Markets | Private Equity Activity
Gulfport Launches Note Offering to Fund Paloma Deal
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Gulfport Energy Corporation announced that it proposes to offer, subject to market conditions and other factors, $300 million aggregate principal amount of its senior notes due 2023 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act.
The Notes will be issued under a new indenture and will rank equally with Gulfport's previously issued senior notes and other senior indebtedness. Gulfport expects to use the net proceeds of the Notes offering, together with the net proceeds from its concurrent equity offering, (i) to fund its previously announced pending acquisition of Paloma Partners III, LLC, (ii) to repay the current outstanding borrowings under its secured revolving credit facility and (iii) for general corporate purposes, including the funding of a portion of its 2015 capital development plans.