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Sanchez Energy closes $500M senior note offering

Sanchez Energy Corp. closed its upsized private offeringof $500 million of 7.25% senior secured first-lien notes due 2023, priced at 98.973% of par.

The company plans to use net proceeds from the offering, which were about $483 million, to repay revolver debt plus accrued interest and fees and for general partnership purposes.

Upon closing of the offering, Sanchez Energy cut its $300 million commitment on its $350 million borrowing base 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.