Matador Resources starts tender offer for 5 7/8% notes due 2026

By Marisa Wong

Los Angeles, March 26 – Matador Resources Co. has begun a cash tender offer to purchase any and all of its $699.2 million outstanding 5 7/8% senior notes due 2026, according to a press release.

The company is offering a total cash consideration of $1,000.75 per $1,000 principal amount, plus accrued interest.

The offer will expire at 5 p.m. ET on April 1. Tendered notes may be withdrawn at any time before the expiration time.

Settlement is expected to be on April 2.

Tenders may be delivered under guaranteed delivery procedures.

The company plans to fund the tender offer with a portion of the proceeds from a concurrent private placement of $800 million of senior notes due 2032.

The tender offer is contingent on the company having raised at least $700 million in gross proceeds from the offering of new notes on or prior to the settlement date of the tender offer. The tender offer is not, however, conditioned on any minimum amount of 2026 notes being tendered.

Matador said it may terminate, extend or amend the tender offer in its sole discretion and postpone the acceptance for purchase of, and payment for, 2026 notes tendered.

To the extent any 2026 notes remain outstanding after the completion of the tender offer, the company intends to satisfy and discharge any remaining notes in accordance with the terms of the indenture governing the notes.

BofA Securities, Inc. will act as dealer manager (980 388-4370 or 888 292-0070; debt_advisory@bofa.com).

Global Bondholder Services Corp. is the information agent (212 430-3774 for brokers and banks and 855 654-2015 for all others; contact@gbsc-usa.com; www.gbsc-usa.com/matadorresources).

Matador is a Dallas-based energy company with operations focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas.

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