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Prospect News home > News index > List of issuers C > Headlines for Carrizo Oil & Gas, Inc. > News item |
Carrizo to repay second-lien loan with convertibles proceeds
By Sara Rosenberg
New York, May 21 - Carrizo Oil & Gas Inc. plans to repay in full its second-lien credit facility using proceeds from a $275 million convertible senior notes offering, according to a news release.
Remaining proceeds from the offering will be used to fund, in part, the company's capital expenditure program for 2008, including drilling and land acquisition programs in the Barnett Shale, the Marcellus Shale and elsewhere, and for other corporate purposes.
Pending the partial funding of the capital expenditure program, the company expects to use the remaining proceeds to repay borrowings outstanding under its senior revolving credit facility.
Carrizo is a Houston-based energy company.
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