GMX Resources plans roadshow for $200 million eight-year senior notes

By Paul A. Harris

Portland, Ore., Jan. 28 - GMX Resources Inc. will begin a roadshow during the Jan. 31 week for a $200 million offering of eight-year senior notes, according to an informed source.

Credit Suisse Securities and Morgan Stanley & Co. Inc. are the joint bookrunners for the Rule 144A and Regulation S with registration rights offering.

The notes come with four years of call protection, as well as a three-year 35% equity clawback and a 101% poison put.

The Oklahoma City-based oil and gas exploration and production company will use the proceeds to repay its revolver and to refinance its convertible notes due 2013, as well as to fund an acquisition and for general corporate purposes.

GMX Resources has concurrently begun a $100 million offering of common stock and a tender offer for up to $50 million of its 5% convertible notes due in 2013.

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