Warren Resources postpones planned $200 million notes offering due to market conditions

By Paul A. Harris

Portland, Ore., June 10 - Warren Resources, Inc. announced in a Monday press release that it postponed its planned $200 million offering of eight-year senior notes (Caa1/CCC+).

"The conditions in the debt capital markets have led us to conclude that we should delay our offering of senior notes," said Philip A. Epstein, Warren's chairman and chief executive officer, in the release.

"The senior notes present a good opportunity to enhance our already strong balance sheet. We have the flexibility, however, to be opportunistic about timing while both pursuing our growth strategy and maintaining our disciplined approach to raising capital."

Last week yield talk of 8¼% to 8½% circulated in the market.

BMO Capital Markets is the bookrunner for the Rule 144A and Regulation S with registration rights deal.

Proceeds were to be used to repay borrowings under the company's credit facility, for capital expenditures and for other general corporate purposes.

Warren Resources is a New York-based independent energy company.

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