Finance & Investing | Capital Markets
Unit Offers Senior Notes To Fund Acquistions
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Unit Corporation announced today it has priced a private offering to eligible purchasers of $400 million aggregate principal amount of senior subordinated notes (the "Notes") due 2021, which will bear interest at a rate of 6.625 percent per year (the "Offering"). The Notes are being sold at 98.75 percent of par plus accrued interest from May 15, 2012. The size of the Offering was increased to $400 million from the previously announced $350 million.
Unit expects to close the Offering on July 24, 2012, subject to the satisfaction of customary closing conditions. Unit intends to use the net proceeds from the Offering to partially finance Unit Petroleum Company's previously announced pending acquisition (the "Acquisition") of certain oil and natural gas assets from Noble Energy, Inc.
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