Lone Pine Resources (LPR) Announces Pricing of $200 Million in 10.375% Senior Notes due 2017
Lone Pine Resources Inc. (NYSE: LPR) today announced that it priced an offering of US$200 million in aggregate principal amount of 10.375% Senior Notes due 2017 in a private placement to eligible purchasers. The Company expects to close the notes offering on February 14, 2012, subject to the satisfaction of customary closing conditions. Lone Pine intends to use the net proceeds of approximately US$191.7 million from this offering, after deduction of original issue and initial purchaser discounts and estimated offering expenses, to partially repay borrowings outstanding under its bank credit facility. The notes will be issued by the Company's wholly-owned subsidiary, Lone Pine Resources Canada Ltd.
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