EPL Oil & Gas Inc. (NYSE: EPL) announced the pricing of its private placement of $300 million of 8.25% senior unsecured notes due 2018. The offering size represents an increase of $50 million over the company's previously announced intention to offer $250 million in aggregate principal amount of its senior notes.
The net proceeds from the private placement of the senior notes are expected to be approximately $288 million. The net proceeds will be deposited into escrow pending completion of the company's previously-announced acquisition from Hilcorp Energy GOM Holdings LLC of 100% of the issued and outstanding member interests of Hilcorp Energy GOM LLC, which owns certain shallow-water Gulf of Mexico shelf oil and natural gas interests.
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