Laredo Petroleum Announces Sale of $350 Million of Senior Note

Laredo Petroleum, Inc. announced today the sale of $350 million of senior unsecured notes to eligible purchasers in the private placement market.
The notes, which carry a coupon rate of 9.5%, will mature on February 15, 2019, with interest payable on a semi-annual basis.  Bank of America Merrill Lynch, J.P. Morgan, and Wells Fargo Securities acted as joint book running managers for the sale.  BMO Capital Markets was lead manager and affiliates of the other banks in Laredo's credit facility and Tudor, Pickering, Holt & Co. were co-managers.  The offering settled and closed on January 20, 2011.
"We are extremely pleased by the strong interest and response in the marketplace," said Randy Foutch, Laredo Chairman and Chief Executive Officer.  "The proceeds from the sale will greatly enhance our financial flexibility."
The net proceeds from the sale of the notes will be used to repay in full and retire the Company's term loan facility, to pay down all loan amounts outstanding under its senior secured credit facility and for general working capital purposes.
Source: Press release