Woodbine upsizes notes, warrants to $245 million as Richland withdraws $20 million of equity

By Paul A. Harris

Portland, Ore., May 2 - Woodbine Acquisition Corp. upsized its notes and warrants offer to $245 million from $225 million as Richland Resources Corp. withdrew a planned $20 million equity contribution in Woodbine Properties, according to a market source.

The five-year secured notes, with warrants for common stock, are in the market as a Regulation D private placement via placement agents Global Hunter Securities and Knight Securities.

The notes will come with two years of call protection.

Proceeds will be used to fund the acquisition of Woodbine Properties and for general corporate purposes.

Richland Resources' contemplated $20 million equity contribution would have given it a 2.22% working interest and a 3.25% royalty interest in Woodbine Properties.

Woodbine is a Fort Worth, Texas-based oil and gas exploration and production company.

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