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Triangle Petroleum Corporation has reported that Triangle USA Petroleum Corporation (TUSA), the Company's wholly-owned E&P subsidiary, intends to offer $350 million in aggregate principal amount of senior notes due 2022 in a private placement to eligible investors, subject to market conditions.
TUSA intends to use the net proceeds from this offering to pay down and terminate 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 a portion of outstanding debt under TUSA's senior credit facility, and for other general corporate purposes.