SRC Energy Inc. Announces Closing of 6.250% Senior Notes Offering
November 29 2017 - 8:50AM
SRC Energy Inc. (NYSE Amex:SRCI) (“SRC” or the “Company”), a U.S.
oil and gas exploration and production company with operations
focused on the Wattenberg Field in the Denver-Julesburg Basin,
today announced the closing of its previously announced offering of
$550 million aggregate principal amount of 6.250% senior unsecured
notes due December 2025 (the “notes”).
The Company intends to use the net proceeds from
the offering to finance a portion of the Company's previously
announced acquisition of an aggregate of approximately 30,200 net
acres in Weld County, Colorado, to pay related fees and expenses,
to redeem or repurchase its existing 9% senior notes due 2021, and
for general corporate purposes. The indenture governing the notes
contains a special mandatory redemption feature requiring the
Company to redeem the notes at a redemption price equal to 100% of
the aggregate principal amount of the notes, plus accrued and
unpaid interest to, but not including, the redemption date if the
contemplated acquisition is terminated or not consummated on or
prior to January 10, 2018 or, if the purchase and sale agreement
governing the acquisition is amended to extend the closing date, to
the later date of the closing, but in no case later than March 15,
2018.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the notes or any
other securities. The notes were offered in the United States only
to qualified institutional buyers in reliance on Rule 144A under
the Securities Act of 1933, as amended (the “Securities Act”), and
outside the United States in reliance on Regulation S under the
Securities Act. The notes have not been registered under the
Securities Act and may not be offered or sold in the United States
without registration or an applicable exemption from registration
requirements.
Important Cautions Regarding
Forward-Looking Statements
Statements in this news release related to the
Company's private offering of notes, and all other statements other
than statements of historical fact are forward-looking statements
that are made pursuant to the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are subject to a number of risks and uncertainties that
may cause actual results to differ materially from the
forward-looking statements. The Company urges you to carefully
review and consider the cautionary statements made in this press
release, the “Risk Factors” section of the Company’s Annual Report
on Form 10-K for the year ended December 31, 2016 filed with the
Securities and Exchange Commission (the “SEC”) on February 23,
2017, and other filings with the SEC for further information on
risks and uncertainties that could affect the Company's business,
financial condition and results of operations. The Company cautions
you not to place undue reliance on forward-looking statements,
which speak only as of the date made.
The Company undertakes no obligation to
update any forward-looking statements in order to reflect any event
or circumstance occurring after the date of this release or
currently unknown facts or conditions or the occurrence of
unanticipated events. All forward looking statements are qualified
in their entirety by this cautionary
statement.
Company Contact:
John Richardson (Investor Relations Manager)
SRC Energy Inc.
Tel 720-616-4308
E-mail: jrichardson@srcenergy.com
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