Energy Partners, Ltd. Announces Pricing of Notes
04 Febbraio 2011 - 10:36PM
Business Wire
Energy Partners, Ltd. (NYSE:EPL) (“EPL” or the “Company”)
announced today that it has priced its offering of $210.0 million
principal amount of 8.25% senior notes due 2018 (the “Notes”). The
Notes will be sold to the initial purchasers at par, and will be
fully and unconditionally guaranteed, jointly and severally, on an
unsecured, senior basis, by certain of EPL’s existing direct and
indirect material subsidiaries.
The Notes were offered in a private placement only to qualified
institutional buyers under Rule 144A under the Securities Act of
1933, as amended (the “Securities Act”), or to persons outside of
the United States in compliance with Regulation S under the
Securities Act. The Notes have not been registered under the
Securities Act or applicable state securities laws, and may not be
offered or sold in the United States without registration or an
applicable exemption for the registration requirements of the
Securities Act.
The closing of the offering of the Notes is expected to occur on
or about February 14, 2011, subject to the concurrent closing of
EPL’s previously-announced acquisition of producing Gulf of Mexico
shelf properties from Anglo-Suisse Offshore Partners, LLC for
$200.7 million in cash (the “Acquisition”). The offering is also
subject to other customary closing conditions. The net proceeds
from the offering are expected to be used to fund the Acquisition
and for general corporate purposes.
Jefferies & Company, Inc. and BMO Capital Markets Corp. are
acting as joint book-running managers for the offering.
This news release does not constitute an offer to sell or
solicitation of an offer to buy any security, nor will there be any
sale of such security in any jurisdiction in which such offer, sale
or solicitation would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
The offering may be made only by means of an offering
memorandum.
Description: Founded in 1998, EPL
is an independent oil and natural gas exploration and production
company based in New Orleans, Louisiana, and Houston, Texas. The
Company’s operations are concentrated in the U.S. Gulf of Mexico
shelf, focusing on the state and federal waters offshore Louisiana.
For more information, please visit www.eplweb.com.
Forward-Looking Statements
This press release may contain forward-looking information and
statements regarding EPL. Any statements included in this press
release that address activities, events or developments that EPL
“expects,” “believes,” “plans,” “projects,” “estimates” or
“anticipates” will or may occur in the future are forward-looking
statements. We believe these judgments are reasonable, but actual
results may differ materially due to a variety of important
factors. Among other items, such factors might include: changes in
general economic conditions; uncertainties in reserve and
production estimates; unanticipated recovery or production
problems; hurricane and other weather-related interference with
business operations; the effects of delays in completion of, or
shut-ins of, gas gathering systems, pipelines and processing
facilities; changes in legislative and regulatory requirements
concerning safety and the environment as they relate to operations;
oil and natural gas prices and competition; the impact of
derivative positions; production expenses and expense estimates;
cash flow and cash flow estimates; future financial performance;
planned and unplanned capital expenditures; drilling and operating
risks; our ability to replace oil and gas reserves; risks and
liabilities associated with the properties to be acquired in the
acquisition; volatility in the financial and credit markets or in
oil and natural gas prices; and other matters that are discussed in
EPL’s filings with the Securities and Exchange Commission.
(http://www.sec.gov/).
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