Cabot Oil places $925 million of notes; Kayne Anderson Energy plans $70 million placement

By Lisa Kerner

Charlotte, N.C., Sept. 24 – Cabot Oil & Gas Corp. recently closed a $925 million private placement of senior notes with a group of institutional investors.

The notes were issued as $100 million of 3.24% series K notes due 2021, $575 million of 3.67% series L notes due 2024 and $250 million of 3.77% series M notes due 2026.

Proceeds will be used to repay Cabot’s outstanding borrowings under its credit facility, to fund the $210 million Eagle Ford Shale acquisition and for other general corporate purposes, according to a company news release.

Cabot Oil & Gas is a Houston-based independent natural gas producer.

Kayne Anderson Energy Total Return Fund, Inc. announced a conditional agreement with an institutional investor for a private placement of $70 million of notes.

The notes will have a seven-year maturity and pay interest at a rate of 3.36% per annum, a company news release stated.

Proceeds will be used to refinance debt, to make new portfolio investments and for general corporate purposes.

Kayne Anderson expects the issue to close on or before Oct. 15.

This will be the first issuance under a three-year, $175 million uncommitted private shelf facility.

Kayne Anderson is a Houston-based, non-diversified, closed-end investment company.

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