Carrizo tenders for 8 5/8% notes due 2018; all to be called on May 14

New York, April 14 – Carrizo Oil & Gas, Inc. began a cash tender offer for its $600 million of 8 5/8% senior notes due 2018, according to a news release. Any notes not tendered will be redeemed on May 14.

In the tender offer, the company will pay $1,046.13 per $1,000 principal amount for the notes.

Holders will also receive accrued interest up to but excluding the settlement date.

The tender ends at 5 p.m. ET on April 23.

Completion of the offer is subject to conditions including a requirement that the company raise funds from the sale of new senior notes that will be sufficient, when combined with the $231.6 million proceeds from a sale of common stock, to fund the tender offer and redemption.

Carrizo announced a $600 million sale of senior notes due 2023 on Tuesday morning.

Carrizo also said that it has called for redemption on May 14 any 8 5/8% notes that remain outstanding after the tender.

Under the call provisions of the notes, the company will pay $1,043.13 per $1,000 principal amount plus accrued interest.

RBC Capital Markets, LLC (877 381-2099, banks and brokers call 212 618-7822) is dealer manager. D.F. King & Co., Inc. (800 581-3783, banks and brokers call 212 269-5550) is information agent.

Carrizo is a Houston-based energy company currently focused on the Eagle Ford Shale in South Texas, the Utica Shale in Ohio, the Niobrara Formation in Colorado and the Marcellus Shale in Pennsylvania.

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