Laredo Petroleum to repay senior secured facility with stock proceeds

By Tali Rackner

Norfolk, Va., July 14 – Laredo Petroleum, Inc. plans to repay borrowings under its senior secured credit facility with the net proceeds from a public offering of 12 million shares of common stock, according to a press release.

Borrowings under the facility were incurred for working capital purposes and to fund the purchase price of the company’s recently announced asset acquisition.

The energy company is based in Tulsa, Okla.

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