Matador gets tenders for $556.33 million of 5 7/8% notes due 2026

By Marisa Wong

Los Angeles, April 2 – Matador Resources Co. announced the expiration and results of its March 26 cash tender offer to purchase any and all of its $699.2 million of outstanding 5 7/8% senior notes due 2026.

As of the expiration of the offer at 5 p.m. ET on April 1, holders had tendered $556,325,000, or about 80%, of the notes, according to a Tuesday press release. That amount excludes $7,686,000 of notes that remain subject to guaranteed delivery procedures.

The company has accepted all of the tendered notes for purchase and expects to pay the consideration on April 2. The company also expects to accept for purchase all notes that remain subject to guaranteed delivery procedures and to settle those notes on April 4.

The company is offering a total cash consideration of $1,000.75 per $1,000 principal amount, plus accrued interest.

As previously announced, the company plans to fund the tender offer with a portion of the proceeds from its concurrent private placement of senior notes due 2032.

The tender offer is contingent on the company having raised at least $700 million in gross proceeds from the offering of new notes on or prior to the settlement date of the tender offer. The company priced an upsized $900 million of new notes, as previously reported. The tender offer is not, however, conditioned on any minimum amount of 2026 notes being tendered.

The company said it intends to exercise its right to redeem any notes outstanding on Sept. 15.

BofA Securities, Inc. is the dealer manager for the offer (980 388-4370 or 888 292-0070; debt_advisory@bofa.com).

Global Bondholder Services Corp. is the information agent (212 430-3774 for brokers and banks and 855 654-2015 for all others; contact@gbsc-usa.com; www.gbsc-usa.com/matadorresources).

Matador is a Dallas-based energy company with operations focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.