Emerald Oil Inc. - 2012-09-12
Description
The funds will be used to reduce $53.9MM of debt, finance a $14.3MM leasehold acquisition in McKenzie County, North Dakota and help fund a $100.6MM capital program over the next 18 months. The proceeds from the offering will be used to retire the $18.4MM Hartz loan and a $15MM “Tranche C” bridge loan from Macquarie Bank, both of which mature in November. Additionally, we have assumed that the company will retire a $2.5MM loan from Emerald Australia, and a $15MM “Tranche A” and $3MM “Tranche B” credit facility from Macquarie Bank.