Laredo Petroleum Announces Offering of Senior Notes
January 06 2020 - 7:22AM
Laredo Petroleum, Inc., a Delaware corporation (NYSE: LPI)
("Laredo" or the "Company"), announced today that it intends,
subject to market conditions, to publicly offer $450 million in
aggregate principal amount of senior unsecured notes due 2025 and
$450 million in aggregate principal amount of senior unsecured
notes due 2028 in a registered underwritten offering for a total of
$900 million.
The Company intends to use the net proceeds of the offering, if
completed, to refinance the Company’s $450 million in aggregate
principal amount of 5 5/8% senior unsecured notes due January
2022 and $350 million in aggregate principal amount of 6 1/4%
senior unsecured notes due March 2023 through tender offers or, if
applicable, redemptions, and to pay tender premiums and fees and
the fees and expenses related to the offering and for general
corporate purposes, including repaying a portion of the borrowings
outstanding under the Company’s senior secured credit facility.
The new notes will be senior unsecured obligations of the
Company and will be guaranteed on a senior unsecured basis by the
Company’s existing subsidiaries and all of its future subsidiaries,
with certain exceptions.
BofA Securities, Wells Fargo Securities, BMO Capital Markets,
Goldman Sachs & Co. LLC, Barclays and Capitol One Securities
are acting as joint book-running managers for the offering.
This offering is being made pursuant to an effective automatic
shelf registration statement, including a base prospectus and a
preliminary prospectus supplement related to the offering,
previously filed by the Company with the Securities and Exchange
Commission (“SEC”). Copies of the base prospectus and the
preliminary prospectus supplement may be obtained by visiting the
SEC website at www.sec.gov. Alternatively, copies of the base
prospectus and the preliminary prospectus supplement may be
obtained by contacting any of the joint book-running managers
at:
BofA Securities |
Wells Fargo Securities |
BMO Capital Markets |
NC1-004-03-43 |
Attn: Client Support |
3 Times Square |
200 North College Street |
608 2nd Avenue |
New York, NY 10036 |
3rd floor |
South Minneapolis, MN 55402 |
Attn: Sherman Lee |
Charlotte, NC 28255-0001 |
wfscustomerservice@wellsfargo.com |
sherman1.lee@bmo.com |
Attn: Prospectus Department |
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1-800-294-1322 |
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dg.prospectus_requests@bofa.com |
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Goldman Sachs & Co. LLC |
Barclays Capital Inc. |
Capital One Securities, Inc. |
Prospectus Department |
c/o Broadridge Financial Solutions |
201 St. Charles Ave. |
200 West Street |
1155 Long Island Avenue |
Suite 1830 |
New York, NY 10282 |
Edgewood, NY 11717 |
New Orleans, LA 70170 |
telephone: 1-866-471-2526 |
(888) 603-5847 |
Attn: Gabrielle Halprin |
facsimile: 212-902-9316 |
barclaysprospectus@broadridge.com |
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Prospectus-ny@ny.email.gs.com |
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This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any securities nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. Any offer or sale of these securities will
be made only by means of a prospectus, including a prospectus
supplement, forming a part of the related registration
statement.
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, primarily in the Permian Basin of West
Texas.
Forward-Looking StatementsThis 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,
indicates, enables, transforms, estimates or anticipates (and other
similar expressions) will, should or may occur in the future 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. The
forward-looking statements involve risks and uncertainties,
including, among others, that our business plans may change as
circumstances warrant and that the new notes may not ultimately be
offered to the public and the existing notes may not be purchased
because of general market conditions or other factors. 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, the increase in
service and supply costs, tariffs on steel, pipeline transportation
constraints in the Permian Basin, hedging activities, possible
impacts of litigation and regulations, the suspension or
discontinuance of share repurchases at any time and other factors,
including those and other risks described in its Annual Report on
Form 10-K for the year ended December 31, 2018, Quarterly Report on
Form 10-Q for the quarter ended September 30, 2019, the preliminary
prospectus supplement and those set forth from time to time in
other filings with the 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.
Contact:Ron Hagood: (918) 858-5504 -
RHagood@laredopetro.com
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