Aurora Oil & Gas Ltd. (TO: AEF) has priced its private offering of US $300 million in aggregate principal amount of senior unsecured notes due in 2020.
The notes will be issued by its wholly owned subsidiary, Aurora USA Oil & Gas Inc., as senior unsecured obligations of the issuer, and will be guaranteed by Aurora and each of the subsidiaries of the issuer.
The notes will be issued at par and bear interest at 7.5% per annum, payable semi-annually in arrears, beginning Oct. 1. The company received proceeds of US $293 million.
Net proceeds will be used to fund its Eagle Ford acquisition for US $117.5 million. In addition, the net proceeds will be used, together with operational cashflow and funds available from the existing senior credit facility, to fund the development of Aurora’s holdings in the Eagle Ford shale trend and for general corporate purposes, including financing potential future acquisitions of oil and natural gas interests in its core areas.
Aurora is an Australian and Toronto listed oil and gas company active in the over pressured liquids rich region of the Eagle Ford shale in Texas. The company is headquartered in Perth, Western Australia.
Recommended Reading
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.
Energy Transfer Ups Quarterly Cash Distribution
2024-04-25 - Energy Transfer will increase its dividend by about 3%.
ProPetro Ups Share Repurchases by $100MM
2024-04-25 - ProPetro Holding Corp. is increasing its share repurchase program to a total of $200 million of common shares.
Baker Hughes Hikes Quarterly Dividend
2024-04-25 - Baker Hughes Co. increased its quarterly dividend by 11% year-over-year.
Weatherford M&A Efforts Focused on Integration, Not Scale
2024-04-25 - Services company Weatherford International executives are focused on making deals that, regardless of size or scale, can be integrated into the business, President and CEO Girish Saligram said.