Magnum Hunter plans to offer $450 million notes, pay down bank loans

By Angela McDaniels

Tacoma, Wash., May 3 - Magnum Hunter Resources Corp. plans to offer $450 million of senior notes due 2020, subject to market conditions, according to a company news release.

The company plans to use the proceeds to finance a portion of the proposed $311 million acquisition of oil properties in the Williston Basin, to pay off all amounts outstanding under its term loan, to pay off outstanding debt under its revolving credit facility and for general corporate purposes.

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

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