Chet Morrison Contractors doing $100 million private placement via Global Hunter Securities

By Paul A. Harris

St. Louis, July 21 - Chet Morrison Contractors, Inc. is talking price with potential investors in its proposed $100 million private placement of five-year senior secured notes (B3), according to Leroy Guidry, chief financial officer of the company.

The deal is expected to be completed by the end of the month.

Global Hunter Securities is the placement agent.

Proceeds will be used to refinance about $59 million of debt and to fund $37 million of planned capital expenditures.

The company has also put in place a $30 million revolver via JP Morgan.

Chet Morrison Contractors is a Houma, La.-based wholly owned subsidiary of Morrison Energy Group, LLC, which will be a co-issuer of the senior secured notes.

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