Laredo Petroleum to redeem all $500 million 7 3/8% notes on Nov. 29

By Angela McDaniels

Tacoma, Wash. Oct. 30 – Laredo Petroleum, Inc. will redeem all $500 million principal amount of its 7 3/8% senior notes due May 2022, according to a company news release.

The company expects the redemption to be completed on Nov. 29.

Laredo will use a portion of the proceeds from the sale of its interest in the Medallion – Midland Basin pipeline system to fund the redemption amount of about $521 million, which includes the redemption premium and accrued interest from Nov. 1 through Nov. 28.

The company said the redemption will reduce its annual interest costs by about $37 million.

Laredo Petroleum is an oil and gas company based in Tulsa, Okla.

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