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Kodiak Oil & Gas Corp. upsized and priced a private offering of $400 million in aggregate principal amount of senior notes due 2022 in a private placement to eligible investors.
The notes will bear interest at 5.50% per annum and are being issued at a price of 100% of their face amount. The notes will be jointly and severally guaranteed on a senior basis by Kodiak's subsidiaries, Kodiak Oil & Gas (USA) Inc., Kodiak Williston, LLC and KOG Finance, LLC. Kodiak expects to close the notes offering on July 26, 2013, subject to the satisfaction of customary closing conditions.
Kodiak intends to use the net proceeds of the offering to pay down a portion of the outstanding debt under Kodiak's credit agreement.
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