Saratoga launches $125 million five-year secured notes offering

By Paul A. Harris

Portland, Ore., June 24 - Saratoga Resources Inc. launched a $125 million offering of five-year senior secured notes on Friday, according to an informed source.

A roadshow is scheduled for the June 27 week, beginning in New York.

The non-rated deal is set to price shortly after the July 4 weekend.

Imperial Capital is the bookrunner.

The Rule 144A and Regulation S with registration rights notes come with 2.5 years of call protection. A special call provision allows the issuer to redeem 10% of the issue annually during the non-call period; the special call premium remains to be determined.

Proceeds will be used to repay substantially all of the company's existing debt, including all debt under its existing credit facilities.

The notes offer was decreased from the originally contemplated $150 million, with $30 million of proceeds shifted to a PIPE offering.

Saratoga Resources is an oil & gas development and exploration company with operations in Southern Louisiana and offices in Houston and Covington, La.

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