New York, Dec. 18 – SilverBow Resources, Inc. placed $200 million of senior secured second-lien notes due 2024 with a coupon of Libor plus 750 basis points, according to a news release.
The notes were placed with private funds managed by EIG Global Energy Partners and another third party.
Proceeds will be used to repay revolving credit facility borrowings.
“The proceeds from the senior secured second-lien notes significantly increase our liquidity and enhance our balance sheet flexibility at an attractive cost of capital,” said the company’s chief financial officer, G. Gleeson Van Riet, in the news release.
SilverBow is a Houston-based oil and gas exploration and production company focused on the Eagle Ford shale.
| Issuer: | SilverBow Resources, Inc.
|
| Issue: | Senior secured second-lien notes
|
| Amount: | $200 million
|
| Maturity: | Dec. 15, 2024
|
| Coupon: | Libor plus 750 bps
|
| Call: | Make whole premium for first two years, 102 in year three, 101 in year four
|
| Settlement date: | Dec. 15
|
| Investors: | Private funds managed by EIG Global Energy Partners, another third party
|
| Distribution: | Private placement
|
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