Berry Petroleum Announces Pricing of $300 Million of 6.75% Senior Notes Due 2020
October 27 2010 - 3:58PM
Business Wire
Berry Petroleum Company (NYSE:BRY) announced today that it has
priced an underwritten public offering of $300 million aggregate
principal amount of senior notes due 2020, which will bear interest
at a rate of 6.75% per year. The notes are being sold at par. Berry
expects to close the sale of the notes on November 1, 2010, subject
to the satisfaction of customary closing conditions. The offering
is being made under Berry’s effective shelf registration statement
previously filed with the Securities and Exchange Commission
(SEC).
Berry intends to use approximately $175 million of the net
proceeds from the offering to finance the purchase price of the
planned acquisition of certain properties in the Wolfberry trend of
West Texas and to use the remainder to reduce outstanding
borrowings under its senior secured revolving credit facility.
Wells Fargo Securities, LLC, BNP Paribas Securities Corp., J.P.
Morgan Securities LLC, RBS Securities Inc. and SG Americas
Securities, LLC are acting as joint book-running managers for the
offering. A prospectus supplement relating to the offering will be
filed with the SEC and may be found on its website at www.sec.gov.
Alternatively, the underwriters will arrange to send you the
prospectus supplement and related base prospectus if you request
them by contacting Wells Fargo Securities at 550 South Tryon
Street, 7th Floor, MAC D1086-070, Charlotte, NC 28202, or
cmclientsupport@wellsfargo.com, or by calling 1-800-326-5897; BNP
Paribas Securities Corp. at 787 Seventh Avenue, New York, New York
10019 or by calling 1-800-854-5674; J.P. Morgan Securities LLC at
383 Madison Avenue, New York, New York 10179, Attention: High Yield
Syndicate Desk, or by calling 212-270-1200; RBS Securities Inc. at
600 Steamboat Road, Greenwich, CT 06830, Attention: High Yield
Syndicate, or by calling 1-866-884-2071; or SG Americas Securities,
LLC at 1221 Avenue of the Americas, New York, NY 10020, Attention:
David C. Sharp, Managing Director Capital Markets & Syndicate -
Americas, david-c.sharp@sgcib.com, Tel: 212-278-7128, Fax:
212-278-2072.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any state. The notes will be offered only by
means of a prospectus, including the prospectus supplement relating
to the notes, meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
About Berry Petroleum Company
Berry Petroleum Company is a publicly traded independent oil and
gas production and exploitation company with operations in
California, Utah, Colorado and Texas.
Safe harbor under the “Private Securities Litigation Reform
Act of 1995”
Any statements in this news release that are not historical
facts are forward-looking statements that involve risks and
uncertainties. Words such as “estimate,” “expect,” “would,” “will,”
“target,” “goal” and “intend” and forms of those words and others
indicate forward-looking statements. These statements include but
are not limited to forward-looking statements about the offering,
the use of the net proceeds from the offering and the planned
acquisition of properties in West Texas, including whether the
acquisition is consummated in whole or in part. These statements
are based on certain assumptions made by the Company based on
management's experience and perception of historical trends,
current conditions, anticipated future developments and other
factors believed to be appropriate. Such statements are subject to
a number of assumptions, risks and uncertainties, many of which are
beyond the control of the Company, which may cause actual results
to differ materially from those implied or expressed by the
forward-looking statements. Important factors which could affect
actual results are discussed in Berry's 2009 Form 10-K filed with
the Securities and Exchange Commission on February 25, 2010, as
updated in the Company’s 10-Q filings subsequent to such date,
under Part 1, Item A, Risk Factors and in Part II, Item 7
Management's Discussion and Analysis of Financial Condition and
Results of Operations.
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