Kosmos Energy to pay down portion of debt facility via note proceeds

By Marisa Wong

Madison, Wis., April 7 – Kosmos Energy Ltd. intends to repay a portion of the outstanding debt under its commercial debt facility using proceeds from an add-on offering of senior notes, according to a press release.

The company announced on Monday that it plans to offer $225 million of 7 7/8% notes due 2021.

Remaining proceeds from the notes offering will be used for general corporate purposes.

According to an 8-K filed Tuesday with the Securities and Exchange Commission, the borrowing base under the commercial debt facility remained unchanged at $1.5 billion as of March, following the lenders’ semiannual redetermination.

As of March 31, undrawn availability under the facility was $1 billion.

Kosmos is based in Hamilton, Bermuda, and has an office in Dallas. The oil and gas exploration and development company operates on the Atlantic Margin.

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