OKLAHOMA CITY, Oct. 06, 2016 (GLOBE NEWSWIRE) — Gulfport Energy Corporation (NASDAQ:GPOR) (“Gulfport”) today announced that it has priced at par an offering of $650 million aggregate principal amount of its 6.000% Senior Notes due 2024 (the “Notes”). The Notes are being sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes will be issued under a new indenture and will rank equally with Gulfport’s previously issued senior notes and other senior indebtedness. The Notes offering is expected to close on October 14, 2016, subject to customary closing conditions. Net proceeds to Gulfport from the sale of the Notes will be approximately $640 million. Gulfport expects to use the net proceeds of the Notes offering (i) to repurchase all of its outstanding 7.750% Senior Notes due 2020 pursuant to a tender offer, to pay fees and expenses thereof and to redeem any of the 7.750% Senior Notes due 2020 that remain outstanding thereafter and (ii) for general corporate purposes, which may include the funding of a portion of its capital development plans.
The Notes will be general unsecured senior obligations of Gulfport, will be guaranteed on a senior unsecured basis by certain of Gulfport’s subsidiaries and will pay interest semi-annually.
The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
Gulfport Energy Corporation is an Oklahoma City-based independent oil and natural gas exploration and production company with its principal producing properties located in the Utica Shale of Eastern Ohio and along the Louisiana Gulf Coast. In addition, Gulfport holds a sizeable acreage position in the Alberta Oil Sands in Canada through its 25% interest in Grizzly Oil Sands ULC.