Earthstone Closes Bighorn Acquisition Alongside Debt, Equity Financings

Earthstone Energy announced in late January its agreement to acquire the assets of privately held Bighorn Permian Resources in the Midland Basin for roughly $860 million in cash and stock.

Hart Energy Staff

Earthstone Energy Inc. recently completed its acquisition of Bighorn Permian Resources LLC, a privately held operator in the Midland Basin, concurrently multiple significant financings.

“We are pleased to have taken multiple significant steps in the ongoing transformation of Earthstone as we have closed on the Bighorn Acquisition and on significant debt and equity financings this week,” Robert J. Anderson, president and CEO of Earthstone, commented in a company release on April 14.

According to the release, Earthstone closed a $550 million private offering of senior unsecured notes, a $280 million private placement of equity (PIPE) and an amendment to the company’s revolving credit facility, which, among other things, increased the borrowing base to $1.325 billion.

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