OKLAHOMA CITY, Oct. 4, 2016 /PRNewswire/ -- Continental
Resources, Inc. (NYSE: CLR) (the "Company") announced today that it
will redeem all of its outstanding 7 3/8% Senior Notes due 2020
(the "2020 Notes") and 7 1/8% Senior Notes due 2021 (the "2021
Notes") on November 10, 2016, the
redemption date for both the 2020 Notes and 2021 Notes.
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The redemption price for the 2020 Notes will be equal to
102.458% of the principal amount plus accrued and unpaid interest,
if any, to the redemption date of November
10, 2016 in accordance with the terms of the 2020 Notes and
the related indenture under which the 2020 Notes were issued. The
aggregate principal amount of the 2020 Notes outstanding is
$200 million.
The redemption price for the 2021 Notes will be equal to
103.563% of the principal amount plus accrued and unpaid interest,
if any, to the redemption date of November
10, 2016 in accordance with the terms of the 2021 Notes and
the related indenture under which the 2021 Notes were issued. The
aggregate principal amount of the 2021 Notes outstanding is
$400 million.
John Hart, Chief Financial
Officer, commented, "We are pleased to announce the Company is
calling its 2020 Notes and 2021 Notes totaling $600 million. We expect to fund the
redemptions from proceeds of our 2016 completed and pending
asset divestitures. Once these bonds are redeemed, we expect total
outstanding debt to be approximately $6.6
billion, down from approximately $7.2
billion at June 30,
2016. We will continue to consider options to further reduce
debt while increasing cash flow from operations."
Additional information concerning the terms and conditions of
the redemptions are fully described in the notices distributed to
holders of the 2020 Notes and 2021 Notes. Beneficial holders
with any questions about the redemptions should contact their
respective brokerage firm or financial institution.
Cautionary Statement for the Purpose of the "Safe Harbor"
Provisions of the Private Securities Litigation Reform Act of
1995
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements
included in this press release other than statements of historical
fact, including, but not limited to, forecasts or expectations
regarding the Company's business and statements or information
concerning the Company's future operations, performance, financial
condition, production and reserves, schedules, plans, timing of
development, rates of return, budgets, costs, business strategy,
objectives, and cash flows are forward-looking statements. When
used in this press release, the words "could," "may," "believe,"
"anticipate," "intend," "estimate," "expect," "project," "budget,"
"plan," "continue," "potential," "guidance," "strategy," and
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words.
Forward-looking statements are based on the Company's current
expectations and assumptions about future events and currently
available information as to the outcome and timing of future
events. Although the Company believes these assumptions and
expectations are reasonable, they are inherently subject to
numerous business, economic, competitive, regulatory and other
risks and uncertainties, most of which are difficult to predict and
many of which are beyond the Company's control. No assurance can be
given that such expectations will be correct or achieved or that
the assumptions are accurate. The risks and uncertainties include,
but are not limited to, commodity price volatility; the geographic
concentration of our operations; financial market and economic
volatility; the inability to access needed capital; the risks and
potential liabilities inherent in crude oil and natural gas
drilling and production and the availability of insurance to cover
any losses resulting therefrom; difficulties in estimating proved
reserves and other reserves-based measures; declines in the values
of our crude oil and natural gas properties resulting in impairment
charges; our ability to replace proved reserves and sustain
production; the availability or cost of equipment and oilfield
services; leasehold terms expiring on undeveloped acreage before
production can be established; our ability to project future
production, achieve targeted results in drilling and well
operations and predict the amount and timing of development
expenditures; the availability and cost of transportation,
processing and refining facilities; legislative and regulatory
changes adversely affecting our industry and our business,
including initiatives related to hydraulic fracturing; increased
market and industry competition, including from alternative fuels
and other energy sources; and the other risks described under Part
I, Item 1A. Risk Factors and elsewhere in the Company's Annual
Report on Form 10-K for the year ended December 31, 2015, registration statements and
other reports filed from time to time with the SEC, and other
announcements the Company makes from time to time.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date on
which such statement is made. Should one or more of the risks or
uncertainties described in this press release occur, or should
underlying assumptions prove incorrect, the Company's actual
results and plans could differ materially from those expressed in
any forward-looking statements. All forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
Except as otherwise required by applicable law, the Company
undertakes no obligation to publicly correct or update any
forward-looking statement whether as a result of new information,
future events or circumstances after the date of this report, or
otherwise.
Investor
Contacts:
|
Media
Contact:
|
J. Warren
Henry
|
Kristin
Thomas
|
Vice President,
Investor Relations & Research
|
Vice President,
Public Relations
|
405-234-9127
|
405-234-9480
|
Warren.Henry@CLR.com
|
Kristin.Thomas@CLR.com
|
|
|
Alyson L.
Gilbert
|
|
Manager, Investor
Relations
|
|
405-774-5814
|
|
Alyson.Gilbert@CLR.com
|
|
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SOURCE Continental Resources