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Sanchez Energy upsizes senior secured first-lien note offering to $500M

Sanchez Energy Corp. upsized its private offering of 7.25% senior secured first-lien notes due 2023 to $500 million, from $400 million, and priced the offering at 98.973% of par.

The company plans to use net proceeds from the offering to pay down about $95 million in borrowings under its revolving credit facility and for general corporate purposes, according to a Feb. 7 news release.

The offering is scheduled to close on Feb. 14. Upon closing, Sanchez Energy plans to amend and restate its credit facility to cut its $350 million borrowing base with a $300 million aggregate commitment amount to a $25 million commitment, to be used mostly for letters of credit and working capital, as well as extend the maturity to 2023 from 2019, among other changes.

Sanchez Energy is an exploration and production company with operations focused in the onshore U.S. Gulf Coast.