American Energy – Permian Basin, LLC (AEPB) will offer $295 million of senior secured second-lien notes in a private placement, the company said May 27. AEPB is an American Energy Partners LP (AELP) affiliate.
The notes are due 2020.
Net proceeds of about $290 million will repay part of AEPB’s revolving credit facility borrowings.
On May 26, the company had $400 million in outstanding borrowings under the facility. After using the proceeds, there will likely be about $290 in available borrowings, the company said. Repaid amounts can be reborrowed and used to support capex and general corporate purposes, the company added.
American Energy Partners LP is based in Oklahoma City.
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