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Matador Resources upsizes private offering of senior notes to $750M

Matador Resources Co. upsized its private offering of 5.875% senior unsecured notes due 2026 to $750 million, from $700 million, as it raises funds to pay for a cash tender offer of senior notes.

The senior notes are priced at par and the offering is scheduled to close on Aug. 21, according to an Aug. 7 news release.

Net proceeds from the offering would be used to fund a tender offer to buy its outstanding 6.875% senior unsecured notes due 2023. Matador plans to use the rest of the proceeds to redeem of the notes from the tender offer that remain outstanding after the offer expires, as well as for general working capital purposes.

Matador is an oil and natural gas exploration and production company with operations in the Delaware Basin and the Eagle Ford, Haynesville and Cotton Valley plays.