Carrizo Oil & Gas Announces Closing of DJ Basin Divestiture and Partial Redemption of Its 7.50% Senior Notes Due 2020 and 8.875% Redeemable Preferred Stock

Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today announced that it closed the previously-announced sale of its assets in the DJ Basin on January 19, 2018 . Carrizo received approximately $123 million at closing, subject to post-closing adjustments; this excludes the previously-received deposit of $14 million . Additionally, Carrizo could receive contingent payments of up to $15 million in aggregate based upon crude oil prices exceeding certain thresholds over the next three years.

On January 19, 2018 , Carrizo also delivered a notice to the trustee for its 7.50% Senior Notes due 2020 (CUSIP No. 144577 AF0) (the “notes”) under which it called for redemption on February 18, 2018 , $100 million aggregate principal amount of the outstanding notes, representing approximately 22% of the aggregate principal amount of this series of outstanding notes.

The notes will be redeemed at a price of 101.875% of the principal amount thereof plus accrued and unpaid interest on the notes to be redeemed to the redemption date. Selection of the notes for redemption will be made by the trustee in accordance with the terms of the indenture governing such notes based on The Depository Trust Company's method that most nearly approximates pro rata selection unless otherwise required by law; provided, that notes and portions of notes selected shall be in amounts of $2,000 or whole multiples of $1,000 in excess of $2,000 , except that if all of the notes of a registered holder are to be redeemed, the entire outstanding amount of notes held by such registered holder, even if not a multiple of $1,000 , shall be redeemed.

David Pitts , Carrizo's Vice President and CFO, commented on the announcement, “With the closing of this transaction, we continue to make progress towards our debt reduction goals. In addition to redeeming another $100 million of our 7.50% notes, we also exercised our option to redeem $50 million of our 8.875% Redeemable Preferred Stock. We expect to receive additional proceeds later this month when our previously-announced Eagle Ford Shale divestiture closes. We currently expect to allocate these proceeds to further debt reduction.”

This news release shall not constitute a notice of redemption with respect to or an offer to purchase or sell (or the solicitation of an offer to purchase or sell) any securities.

Carrizo Oil & Gas, Inc. is a Houston -based energy company actively engaged in the exploration, development, and production of oil and gas from resource plays located in the United States . Our current operations are principally focused in proven, producing oil and gas plays primarily in the Eagle Ford Shale in South Texas and the Permian Basin in West Texas .

New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

Carrizo Oil & GasNasdaqDJ BasinDivestment

More items from oilvoice

Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice

Posted 2 months agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice

Posted 7 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice

Posted 11 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice

Posted 11 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice

Posted 11 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice