Clayton Williams to use 7¾% notes proceeds to pay down revolver

By Toni Weeks

San Diego, April 26 - Clayton Williams Energy, Inc. intends to use the proceeds from its planned offering of $50 million of 7¾% senior notes due 2019 to repay borrowings under its revolving credit facility, according to a news release.

The amounts repaid may be reborrowed by the company, subject to the revolver's terms, and the company may use those amounts to redeem its 7¾% senior notes due 2013 and for general corporate purposes.

Clayton Williams is an independent energy company located in Midland, Texas.

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