Midstates Petroleum to pay down revolver borrowing with note proceeds

By Sara Rosenberg

New York, Sept. 5 - Midstates Petroleum Co. Inc. plans to repay a portion of the outstanding debt under its revolving credit facility using proceeds from a $550 million senior notes offering, according to a news release.

Remaining proceeds will be used to fund the acquisition of Eagle Energy Production LLC for $325 million in cash and $325 million shares of series A preferred stock.

The transaction will be effective June 1, and closing is expected on or about Oct. 1, subject to customary conditions.

Midstates Petroleum is a Houston-based exploration and production company focused on the application of modern drilling and completion techniques to oil-prone resources. Eagle Energy is a Tulsa, Okla.-based exploration and production company sponsored by Riverstone Holdings LLC.

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