Emerald Oil Inc. (NYSE MKT: EOX) closed its previously announced private offering of $172.5 million, in aggregate principal amount, of 2% convertible senior notes due 2019, the company said March 24.
Net proceeds were about $166.8 million with an exercised underwriters’ option, the company added, noting that the underwriters’ option allowed for an additional $32.5 million in notes to be purchased.
Net proceeds will repay outstanding revolving credit facility borrowings and also will support general corporate purposes, Emerald Oil said, noting that drilling and development programs and potential acquisitions are included.
Credit Suisse Securities (USA) LLC and Barclays Capital Inc. were joint book-running managers, Emerald Oil said.
Denver-based Emerald Oil, an exploration and production (E&P) company, develops oil wells in the Williston Basin, specifically in the Bakken/Three Forks Shales.
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