Laredo Petroleum Announces Offering of Senior Notes
July 12 2021 - 7:58AM
Laredo Petroleum, Inc., a Delaware corporation (NYSE: LPI)
("Laredo" or the "Company"), announced today that it intends,
subject to market conditions, to offer $400 million in aggregate
principal amount of senior unsecured notes due 2029 (the "notes")
in a private offering to eligible purchasers. The Company intends
to use the net proceeds from the offering, if completed, for
general corporate purposes, including, repaying a portion of the
borrowings outstanding under the Company’s senior secured credit
facility.
The notes and the related guarantees to be offered
have not and 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 the
registration requirements of the Securities Act and applicable
state securities laws. The notes and the related guarantees will be
offered and sold only to persons reasonably believed to be
qualified institutional buyers in the United States pursuant to
Rule 144A under the Securities Act of 1933, as amended (the
"Securities Act") and outside the United States pursuant to
Regulation S under the Securities Act. This press release does not
constitute an offer to sell, or a solicitation of an offer to buy,
the notes or the guarantees, nor shall there be any sale of the
notes or the guarantees in any state or jurisdiction in which such
offer, solicitation or sale is unlawful.
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 in West Texas.
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, indicates, enables, transforms, estimates or anticipates
(and other similar expressions) will, should or may occur in the
future are forward-looking statements, including statements
regarding the size and expected use of the offering. 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
notes may not ultimately be offered. 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, 2020, Current Report on Form 8-K, filed
with the Securities and Exchange Commission ("SEC") on May 11,
2021, and those set forth from time to time in other filings with
the SEC. These documents are available through the SEC’s Electronic
Data Gathering and Analysis Retrieval System ("EDGAR") 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.
Investor Contact: Ron Hagood
918.858.5504 rhagood@laredopetro.com
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