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Lonestar Resources buys back $48.4 million of 8¾% notes in open market
By Angela McDaniels
Tacoma, Wash., Aug. 19 – Lonestar Resources US, Inc. had repurchased $48.4 million of its 8¾% senior notes due 2019 through open-market transactions as of Aug. 18, according to the company’s second-quarter earnings release.
The repurchases left $171.6 million of the notes outstanding.
The company used proceeds from its private placement of 12% second-lien notes due 2021, which priced Aug. 2.
The company agreed to issue up to $49.9 million of the second-lien notes. As of Aug. 19, it had issued $25 million of the second-lien notes, leaving $24.9 million available for additional issuance.
The net effect of these transactions is a $23.4 million reduction in total debt outstanding as of Aug. 19.
Lonestar is an oil and gas company based in Fort Worth, Texas.
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