Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) announced it has priced an underwritten public offering of $300 million aggregate principal amount of its senior notes due 2020 under its existing shelf registration statement. The offering is expected to close on September 10, 2012, subject to customary closing conditions.
Carrizo intends to use the net proceeds from the proposed offering to repay borrowings outstanding under the Company's senior secured revolving credit facility and for general corporate purposes.
The notes will bear interest at a rate of 7.50% per annum and will mature on September 15, 2020. The company may redeem all or a portion of the notes at any time on or after September 15, 2016 at the redemption prices set forth in the prospectus supplement related to the offering. Before September 15, 2016, the company may, at its option, redeem all or a portion of the notes at 100% of the principal amount plus a make-whole premium. Holders of the notes may require Carrizo to repurchase some or all of their notes for cash in the event of certain fundamental changes, at 101% of the amount plus accrued and unpaid interest.
In connection with the notes offering, RBC Capital Markets, LLC, Wells Fargo Securities, LLC, and Credit Suisse Securities (USA) LLC are acting as joint book-running managers; SG Americas Securities, LLC, Capital One Southcoast, Inc. and Credit Agricole Securities (USA) Inc. are acting as senior co-managers; and Global Hunter Securities, LLC and Mitsubishi UFJ Securities (USA), Inc. are acting as co-managers.
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