Energy & Exploration to price $375 million of pre-IPO convertibles

By Rebecca Melvin

New York, June 23 – Energy & Exploration Partners Inc. plans to price $375 million of five-year convertible subordinated notes in an offering that comes prior to its initial public offering of common shares, according to a news release.

Proceeds of the Rule 144A offering will be used together with borrowings under a senior secured term loan to pay the purchase price for the company’s recently announced acquisition of oil and gas assets from TreadStone Energy Partners LLC, to refinance and replace its outstanding senior unsecured notes and to fund a portion of its 2015 and 2015 capital expenditure budget.

Holders will have the option to convert their shares into shares of the company’s common stock upon closing of its initial public offering of shares.

Further details were not immediately available.

Fort Worth, Texas-based Energy & Exploration is a developer of onshore North American oil and gas assets.

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