Laredo to pay down credit facility, might redeem portion of 9½% notes

By Tali Rackner

Norfolk, Va., March 2 – Laredo Petroleum, Inc. plans to repay all of the outstanding debt under its senior secured credit facility due 2018 with the proceeds from a common stock offering, according to a 424B5 filing with the Securities and Exchange Commission.

The excess proceeds will be applied to capital expenditures or, subject to approval of the lenders under its senior secured credit facility, to redeem a portion of the outstanding $550 million of 9½% senior notes due 2019.

Laredo is a Tulsa, Okla.-based oil and gas exploration, development and acquisition company.

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