Bill Barrett Corporation Announces Intent to Offer $400M of Senior Notes
Bill Barrett Corporation (NYSE: BBG) today announced its intent to offer, subject to market and other conditions, a series of senior notes due 2022 in aggregate principal amount of $400 million. The Company intends to use the net proceeds from the offering to repay borrowings under its revolving credit facility and for general corporate purposes, including to repay the entire $172.5 million aggregate principal amount of its 5% Convertible Senior Notes due 2028. The Company assumes the 5% Convertible Senior Notes will be put to the Company on March 20, 2012 pursuant to the terms of the indenture governing the 5% Convertible Senior Notes due 2028.
The notes are being offered pursuant to a prospectus supplement to the Company's currently effective shelf registration statement filed with the United States Securities and Exchange Commission. The notes will be unsecured obligations of the Company and will be effectively subordinated to the Company's existing and future secured indebtedness to the extent of the value of the assets securing that indebtedness. Initially, all of the Company's subsidiaries will guarantee the notes.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.