Colorado-based oil and gas driller PDC Energy Inc. started an offer to repurchase $550 million of 6.250% senior notes due 2025, according to a Jan. 17 release.
The company will repurchase the notes at 101% of its principal amount plus accrued and unpaid interest. The offering will expire Feb. 18 at 5 p.m. ET, unless extended.
The notes were originally issued by SRC Energy Inc. but were assumed by PDC as part of the merger agreement dated Aug. 25, 2019.
PDC Energy recently closed its $1.7 billion all-stock merger with SRC, which included the assumption of $685 million of SRC's net debt as of June 30, 2019.