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Article: Gastar Exploration Announces Closing of $100,000,000 12 3/4% Senior Secured Notes and Senior Secured Credit Facility.
- Article from:
- Business Wire
- Article date:
- November 29, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON -- Gastar Exploration Ltd. (AMEX:GST) (TSX:YGA) today announced that its wholly owned subsidiary, Gastar Exploration USA, Inc. ("Gastar USA"), has completed the previously announced private placement of $100 million aggregate principal amount of 123/4% senior secured notes due 2012 at an issue price of 99.50% (the "Notes") in a private placement to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended (the "Act"). Approximately $76.7 million of the $92.8 million net proceeds from the offering of the Notes were used to repay existing indebtedness, with the remaining net proceeds to be used for general corporate purposes. The ...