Laredo Petroleum Prices Offering of $400 Million of Senior Notes
July 13 2021 - 4:05PM
Laredo Petroleum, Inc., a Delaware corporation (NYSE: LPI)
("Laredo" or the "Company"), announced today the pricing of $400
million in aggregate principal amount of 7.750% senior unsecured
notes due 2029 at par (the "notes") in a private offering to
eligible purchasers. The Company intends to use the net proceeds
from the offering for general corporate purposes, including
repaying the borrowings outstanding under the Company’s senior
secured credit facility. The offering is expected to close on July
16, 2021, subject to customary closing conditions.
The 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. The notes and the related guarantees have not
and will not be registered under the Securities Act of 1933, as
amended (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 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 LaredoLaredo 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 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, 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
Hagood918.858.5504rhagood@laredopetro.com
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