Gulfport Energy Corporation Launches Proposed $450 Million Offering of Senior Notes
October 05 2017 - 7:34AM
Gulfport Energy Corporation (NASDAQ:GPOR) (“Gulfport”) today
announced that it proposes to offer, subject to market conditions
and other factors, $450 million aggregate principal amount of its
senior notes due 2026 (the “Notes”) to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933,
as amended (the “Securities Act”), and to certain non-U.S. persons
in accordance with Regulation S under the Securities Act. The Notes
will be issued under a new indenture and will rank equally with
Gulfport’s previously issued senior notes and other senior
indebtedness. Gulfport expects to use the net proceeds of the Notes
offering to repay all of its outstanding borrowings under its
secured revolving credit facility and for general corporate
purposes, which may include the funding of a portion of its 2017
capital development plans.
The Notes will be general unsecured senior
obligations of Gulfport, will be guaranteed on a senior unsecured
basis by certain of Gulfport’s subsidiaries and will pay interest
semi-annually.
The Notes will not be registered under the
Securities Act or any state securities laws and may not be offered
or sold in the United States absent registration or an applicable
exemption from such registration requirements.
This announcement is neither an offer to sell
nor a solicitation of an offer to buy any of these securities and
shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale is
unlawful.
About GulfportGulfport Energy
Corporation is an independent natural gas and oil company focused
on the exploration and development of natural gas and oil
properties in North America and is one of the largest producers of
natural gas in the contiguous United States. Headquartered in
Oklahoma City, Gulfport holds significant acreage positions in the
Utica Shale of Eastern Ohio and the SCOOP Woodford and SCOOP
Springer plays in Oklahoma. In addition, Gulfport holds an acreage
position along the Louisiana Gulf Coast, a position in the Alberta
Oil Sands in Canada through its approximately 25% interest in
Grizzly Oil Sands ULC and has an approximately 25% equity interest
in Mammoth Energy Services, Inc. (NASDAQ:TUSK).
Forward Looking
StatementsCertain statements included in this press
release are intended as “forward-looking statements.” These
statements include assumptions, expectations, predictions,
intentions or beliefs about future events, particularly the
consummation of the transaction described above. Gulfport cautions
that actual future results may vary materially from those expressed
or implied in any forward-looking statements. Specifically,
Gulfport cannot assure you that the proposed transactions described
above will be consummated on the terms Gulfport currently
contemplates, if at all. Information concerning these and other
factors can be found in Gulfport’s filings with the SEC, including
its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge
on the SEC’s web site at http://www.sec.gov.
Any forward-looking statements made in this
press release speak only as of the date of this release and, except
as required by law, Gulfport undertakes no obligation to update any
forward-looking statement contained in this press release, even if
Gulfport’s expectations or any related events, conditions or
circumstances change. Gulfport is not responsible for any changes
made to this release by wire or Internet services.
Investor & Media Contact:Jessica Wills –
Manager, Investor Relations and
Researchjwills@gulfportenergy.com405-252-4550
Gulfport Energy (NASDAQ:GPOR)
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