Clayton Williams Energy, Inc. Announces Pricing of $50 Million Offering of Senior Notes
April 26 2011 - 2:56PM
Business Wire
Clayton Williams Energy, Inc. (“CWEI”) (NASDAQ:CWEI) announced
today the pricing of its private placement of $50 million aggregate
principal amount of its 7.75% Senior Notes due 2019. The notes were
sold at 99% of par plus accrued interest from March 16, 2011. The
notes will be part of the same class as the $300 million aggregate
principal amount of 7.75% Senior Notes due 2019 we issued in March
2011. The offering is expected to close on April 29, 2011, subject
to customary closing conditions.
CWEI intends to use the net proceeds of approximately $48.8
million from the offering to repay borrowings outstanding under its
revolving credit facility. Amounts repaid under its revolving
credit facility may be reborrowed, subject to the terms of the
revolving credit facility, and CWEI may use such amounts to redeem
its 7¾% Senior Notes due 2013 currently outstanding and/or for
general corporate purposes.
The notes have not been registered under the Securities Act of
1933 (the “Securities Act”) or any state securities laws; and
unless so registered, may not be offered or sold in the United
States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act
and applicable state securities laws.
This press release is being issued pursuant to Rule 135c under
the Securities Act, and is neither an offer to sell nor a
solicitation of an offer to buy the notes or any other securities
and shall not constitute an offer to sell or a solicitation of an
offer to buy, or a sale of, the notes or any other securities in
any jurisdiction in which such offer, solicitation or sale is
unlawful.
This release contains 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, other
than statements of historical or current facts, that address
activities, events, outcomes and other matters that we plan,
expect, intend, assume, believe, budget, predict, forecast,
project, estimate or anticipate (and other similar expressions)
will, should or may occur in the future are forward-looking
statements. These forward-looking statements are based on
management’s current belief, based on currently available
information, as to the outcome and timing of future events. CWEI
cautions that its future natural gas and liquids production,
revenues, cash flows, liquidity, plans for future operations,
expenses, outlook for oil and natural gas prices, timing of capital
expenditures and other forward-looking statements are subject to
all of the risks and uncertainties, many of which are beyond our
control, incident to the exploration for and development,
production and marketing of oil and gas.
These risks include, but are not limited to, the possibility of
unsuccessful exploration and development drilling activities, our
ability to replace and sustain production, commodity price
volatility, domestic and worldwide economic conditions, the
availability of capital on economic terms to fund our capital
expenditures and acquisitions, our level of indebtedness, the
impact of the current economic recession on our business
operations, financial condition and ability to raise capital,
declines in the value of our oil and gas properties resulting in a
decrease in our borrowing base under our credit facility and
impairments, the ability of financial counterparties to perform or
fulfill their obligations under existing agreements, the
uncertainty inherent in estimating proved oil and gas reserves and
in projecting future rates of production and timing of development
expenditures, drilling and other operating risks, lack of
availability of goods and services, regulatory and environmental
risks associated with drilling and production activities, the
adverse effects of changes in applicable tax, environmental and
other regulatory legislation, and other risks and uncertainties are
described in the CWEI's filings with the Securities and Exchange
Commission. CWEI undertakes no obligation to publicly update or
revise any forward-looking statements.
Williams (CLAYTON) Energy, Inc. (NYSE:CWEI)
Historical Stock Chart
From May 2024 to Jun 2024
Williams (CLAYTON) Energy, Inc. (NYSE:CWEI)
Historical Stock Chart
From Jun 2023 to Jun 2024