Emerald Oil greenshoe ups 2% five-year convertibles to $172.5 million

By Toni Weeks

San Luis Obispo, Calif., March 24 - Underwriters for Emerald Oil Inc.'s offering of five-year 2% convertible senior notes fully exercised their greenshoe for an additional $32.5 million of the notes, lifting the total deal size to $172.5 million, according to a press release.

The company priced $140 million of the notes on March 18.

The Rule 144A offering was initially talked at $125 million in size. The greenshoe was upsized to $32.5 million from $18.75 million.

The joint book-running managers were Credit Suisse Securities (USA) LLC and Barclays.

Proceeds will be used to repay all of the outstanding borrowings under a revolving credit facility and for general corporate purposes, including funding a portion of the company's drilling and development program and potential acquisitions.

Emerald Oil is a Denver-based independent oil and natural gas exploration and production company with operations primarily in North Dakota and Montana.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.