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Approach Resources Inc. has reported the pricing of its public offering of $250 million in aggregate principal amount of 7.00% senior notes due 2021.
The notes were priced at par. The sale of the notes is expected to settle on June 11, 2013, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the notes offering to repay the outstanding indebtedness under its revolving credit facility, to fund capital expenditures and for general working capital needs.
J.P. Morgan, RBC Capital Markets and KeyBanc Capital Markets are acting as joint book-running managers of the offering.
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