Exploration & Production | Finance & Investing | Capital Markets
Triangle Petroleum Funds Williston Basin Transaction
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Triangle Petroleum Corporation has announced that Triangle USA Petroleum Corporation, the Company's wholly-owned E&P subsidiary, has priced a private placement of $450 million aggregate principal amount of 6.75% senior unsecured notes due 2022.
The Notes were sold at par. The size of the offering was increased to $450 million from the previously announced $350 million due to high demand. The Notes offering is expected to close on July 18, 2014, subject to customary closing conditions.
TUSA intends to use the net proceeds from the Notes offering to pay down its second lien credit facility, to reimburse Triangle for capital contributions to TUSA in connection with closing the acquisitions of Williston Basin properties previously announced on May 14, 2014, to repay outstanding debt under…
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