Midstates Petroleum Company, Inc. MPO (the “Company”) and its
wholly-owned subsidiary Midstates Petroleum Company LLC (“Midstates Sub”)
announced today the closing of their previously announced acquisition of
producing properties and undeveloped acreage in the Anadarko Basin in Texas
and Oklahoma from Panther Energy Company, LLC and its partners for
approximately $620 million in cash (the “Panther Acquisition”) on May 31,
2013.
The Company and Midstates Sub today also announced the closing of their
previously announced private placement under Rule 144A and Regulation S of the
Securities Act of 1933, as amended (the “Securities Act”), of $700 million in
aggregate principal amount of 9.25% senior unsecured notes (the “Notes”). The
Notes mature on June 1, 2021 and were issued at 100% of face value.
The net proceeds from the Notes offering were used to finance the purchase
price of the Panther Acquisition, to repay a portion of the outstanding
borrowings under the Company's revolving credit facility, for general
corporate purposes and to pay expenses related to the Panther Acquisition, the
Notes offering and the Company's entry into an amendment to its revolving
credit facility.
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