Laredo Petroleum Announces Redemption of 7 3/8% Notes Due 2022
October 30 2017 - 4:19PM
Laredo Petroleum, Inc. (NYSE:LPI) ("Laredo" or the "Company") today
announced it has called for redemption all $500 million aggregate
principal amount of the Company's 7 3/8% senior notes due May 2022
("the Notes"). The Company expects the redemption to be completed
on November 29, 2017. Laredo will utilize a portion of the proceeds
from the Company's sale of its interest in the Medallion - Midland
Basin pipeline system to fund the redemption amount of
approximately $521 million, which includes the redemption premium
and accrued interest from November 1, 2017 through November 28,
2017. The redemption of the Notes will reduce Laredo's annual
interest costs by approximately $37 million.
The Company has notified Wells Fargo Bank, NA, trustee under the
supplemental indenture governing the Notes, of the Company's
election to redeem the Notes, and in accordance with such
supplemental indenture, the holders of the Notes will receive
notice of such redemption, the redemption price and further
instructions related to the process of such redemption.
About Laredo
Laredo Petroleum, Inc. is an independent energy company with
headquarters in Tulsa, Oklahoma. Laredo’s business strategy is
focused on the acquisition, exploration and development of oil and
natural gas properties and the gathering of oil and liquids-rich
natural gas from such properties, primarily in the Permian Basin of
West Texas.
Additional information about Laredo may be found on its website
at www.laredopetro.com.
Forward-Looking Statements
This press release and any oral statements made regarding the
subject of this release contain forward-looking statements as
defined under Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical facts,
that address activities that Laredo assumes, plans, expects,
believes, intends, projects, estimates or anticipates (and other
similar expressions) will, should or may occur in the future,
including, but not limited to, the redemption of the Notes, are
forward-looking statements. The forward-looking statements are
based on management’s current belief, based on currently available
information, as to the outcome and timing of future events.
General risks relating to Laredo include, but are not limited
to, the decline in prices of oil, natural gas liquids and natural
gas and the related impact to financial statements as a result of
asset impairments and revisions to reserve estimates, and other
factors, including those and other risks described in its Annual
Report on Form 10-K for the year ended December 31, 2016, and those
set forth from time to time in other filings with the Securities
Exchange Commission (“SEC”). These documents are available through
Laredo’s website at www.laredopetro.com under the tab
“Investor Relations” or through the SEC’s Electronic Data Gathering
and Analysis Retrieval System at www.sec.gov. Any of these factors
could cause Laredo’s actual results and plans to differ materially
from those in the forward-looking statements. Therefore,
Laredo can give no assurance that its future results will be as
estimated. Laredo does not intend to, and disclaims any obligation
to, update or revise any forward-looking statement.
Contacts:Ron Hagood: (918) 858-5504 -
RHagood@laredopetro.com
17-14
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