Posted: Oct 11, 2012 4:40 AM
Updated: Oct 11, 2012 4:41 AM
HOUSTON (AP) Endeavour International Corp. has priced its private offering of an additional $54 million of its 12 percent first priority notes due 2018.
The Houston oil and gas company said Wednesday that the notes were priced at 109 percent of par, at a yield worst of 9.436 percent. The offering is expected to close on Monday, subject to the satisfaction of customary closing conditions.
Endeavour plans to use the net proceeds from the offering to retire its outstanding 12 percent senior subordinated notes due 2014. The company also will finance part of the construction, improvement and other costs related to its U.S. and United Kingdom oil and natural gas properties.