Endeavor Announces Pricing of Upsized $600 Million Private Placement of 6.625% Senior Notes Due 2025
MIDLAND, TX–(June 2, 2020) – Endeavor Energy Resources, LP (“Endeavor”) and its wholly owned subsidiary EER Finance, Inc. (“Finance Corp.” and, together with Endeavor, the “Issuers”) announced today the pricing of its previously announced private placement of senior unsecured notes due 2025 (the “2025 Notes”), which was upsized to $600 million in aggregate principal amount from the originally proposed $500 million offering. The 2025 Notes, which were priced at par, will mature on July 15, 2025 and pay interest at the rate of 6.625% per year. The offering is expected to close on June 5, 2020. Endeavor intends to use the net proceeds from this offering to fully repay amounts outstanding under its revolving credit facility and the remaining net proceeds for general partnership purposes.
The securities to be offered have not been registered under the Securities Act, or any state securities laws, and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Endeavor plans to offer and sell the notes only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S under the Securities Act.
This communication shall not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This communication includes statements regarding this private placement that may contain forward-looking statements within the meaning of federal securities laws. Endeavor believes that its expectations and forecasts are based on reasonable assumptions; however, no assurance can be given that such expectations and forecasts will prove to be correct. A number of factors could cause actual results to differ materially from the expectations and forecasts, anticipated results or other forward-looking information expressed in this communication, including risks and uncertainties regarding future results, capital expenditures, liquidity and financial market conditions, sufficiency of cash from operations, adverse market conditions, governmental regulations, the future actions of foreign oil producers such as Saudi Arabia and Russia and the effects of such actions on the supply of oil, and the impact of world health events such as the COVID-19 pandemic.