Gastar Exploration to pay down revolver with note offering proceeds

By Tali David

Minneapolis, May 7 - Gastar Exploration USA plans to repay all outstanding borrowings under its existing revolving credit facility using proceeds from a senior note offering, according to a press release.

The company will also use the proceeds to finance the purchase price for its separately announced pending acquisition of Mid-Continent assets from Chesapeake Energy Corp. and for general corporate purposes.

Gastar is a Houston-based company engaged in the exploration and production of natural gas and oil.

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