Magnum Hunter may apply preferred stock proceeds to bank loan paydown

By Angela McDaniels

Tacoma, Wash., June 25 - Magnum Hunter Resources Corp. may pay down its credit agreement with Bank of Montreal and Capital One, NA using proceeds from sales of preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

The company plans to issue up to $3.13 million of its 10¼% series C cumulative perpetual preferred stock from time to time through at-the-market offerings.

Proceeds will be used for the repayment or refinancing of debt, including repayment of amounts owed under the credit agreement; capital expenditures; working capital; acquisitions of oil and natural gas properties; investments in subsidiaries; or general corporate purposes.

Magnum Hunter is a Houston-based independent exploration and production company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.