Laredo Petroleum Commences Tender Offers and Consent Solicitations for Its Outstanding Senior Notes
January 06, 2020 at 12:22 pm
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Laredo Petroleum, Inc. announced that it is commencing cash tender offers and consent solicitations for any or all of its outstanding $450 million aggregate principal amount of 5 5/8% senior unsecured notes due January 2022 (the “2022 Notes”) and (ii) $350 million aggregate principal amount of 6 1/4% senior unsecured notes due March 2023 (the “2023 Notes” and, together with its 2022 Notes, the “Existing Notes”), subject to certain conditions (collectively, the “Tender Offers”). In conjunction with the Tender Offer for each series of the Existing Notes, the Company has also commenced a solicitation (a “Consent Solicitation”) of consents (each a “Consent”) from holders of such series of Existing Notes to amend certain provisions (the “Proposed Amendments”) of the indenture governing such series of Existing Notes to eliminate substantially all of the restrictive covenants and certain events of default under the applicable indenture and shorten the notice required to be given to holders from 30 days to 3 business days in the case of a redemption of the Existing Notes issued under the applicable indenture. Holders may not tender the 2022 Notes or 2023 Notes without delivering their Consent pursuant to the related Consent Solicitation and may not deliver a Consent without tendering their 2022 Notes or 2023 Notes pursuant to the applicable Tender Offer.
Vital Energy, Inc. is an independent energy company. The Company is focused on the acquisition, exploration and development of oil and natural gas properties in the Permian Basin of West Texas. The Company operates through a single segment, exploration and production. It has assembled 265,306 largely contiguous net acres in the Permian Basin, most of which is prospective for multi-zone development in Glasscock, Howard, Midland, Reagan, and Upton counties in the Midland Basin and Pecos, Reeves, and Ward counties in the Delaware Basin. The Company has purchased certain oil and gas properties in the Delaware Basin, including approximately 21,450 net acres located in Reeves County, 15,500 net acres located in Reeves County, and 24,000 net acres in Pecos, Reeves and Ward Counties. It has also purchased certain oil and natural gas properties in the Midland Basin, including approximately 11,200 net acres located in Upton and Reagan Counties.