Energy Partners announces $450 million two-part note offering

By Paul A. Harris

St. Louis, April 5 - Energy Partners, Ltd. announced in a Thursday press release that it plans to offer $450 million of senior unsecured notes comprised of six-year floating-rate notes and seven-year fixed-rate notes.

Proceeds from the Rule 144A and Regulation S offering, together with a new revolving credit facility, will be used to fund the tender for up to 8.7 million of the company's common shares at $23 per share and $150 million of its 8¾% senior notes due 2010, and to refinance its existing revolver.

Energy Partners is an independent oil and natural gas exploration and production company based in New Orleans.

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