Gastar to pay down $35 million revolver debt via stock issue proceeds

By Susanna Moon

Chicago, Sept. 16 – Gastar Exploration Inc. plans to pay down $35 million of debt under its revolving credit facility due Nov. 14, 2017 with proceeds from an offering of shares, according to a 424B5 filing with the Securities and Exchange Commission.

Interest on the revolving loans was about 2.16% as of Aug. 31.

The borrowings to be repaid were incurred primarily for a drilling and development program, for acquisitions and for general corporate purposes.

Proceeds from the stock offering also will be used to fund the company’s drilling and development program and for general corporate purposes.

Gastar Exploration is Houston-based oil and natural gas company.

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