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PetroQuest Energy Inc. has priced its previously announced private offering of $200 million aggregate principal amount of 10% Senior Notes due 2017.
The notes will be issued at a price equal to 100% of their face value plus accrued interest from March 1, 2013. The New Notes will have terms that, subject to certain exceptions, are substantially identical to the Company's existing $150 million aggregate principal amount of 10% Senior Notes due 2017.
Subject to certain special redemption provisions, the Company intends to use the net proceeds from the offering to fund the purchase price of the Company's previously announced proposed acquisition of certain producing oil and gas assets located in the shallow waters of the Gulf of Mexico from Hall-Houston Exploration II, L.P., Hall-Houston Exploration III, L.P., Hall-Houston Exploration IV, L.P. and GOM-H Exploration LLC for approximately $193 million in cash and, to the extent any net proceeds remain after such use, for general corporate purposes.
The Company expects to close the sale of the New Notes on July 3, 2013, subject to the satisfaction of customary closing conditions.