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Gulfport Energy closes $450M senior notes offering

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Gulfport Energy closes $450M senior notes offering

Gulfport Energy Corp. on Oct. 11 closed its offering of $450 million of 6.375% senior notes due 2026, the proceeds of which will be used to repay its revolver debt and for general corporate purposes, including partly funding its 2017 capital development plans.

The net proceeds from the offering is expected to amount to about $445.3 million, according to an Oct. 11 SEC filing.

The notes were issued under an indenture wherein interest on the notes will accrue at 6.375% per year on the outstanding principal amount thereof from Oct. 11, payable twice a year on Jan. 15 and July 15 of each year, beginning Jan. 15, 2018. The notes will mature on Jan. 15, 2026.

The company may redeem some or all of the notes at any time on or after Jan. 15, 2021, at prices listed in the indenture. The notes redeemed before Jan. 15, 2021, will be priced at 100% of the principal amount of the notes plus a “make-whole” premium and accrued and unpaid interest to the redemption date.

Gulfport, prior to Jan. 15, 2021, may not redeem notes in excess of 35% of the aggregate principal amount of the notes issued prior to such date at a redemption price of 106.375%, plus accrued and unpaid interest to the redemption date, with an amount equal to the net cash proceeds from certain equity offerings, the filing noted.