HOUSTON, TEXAS, April 21, 2015 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE: HK) ("Halcón" or the "Company") today announced that it has priced $700 million in aggregate principal amount of senior secured notes due 2020 (the "Notes") in a private offering. The Notes will bear interest at a rate of 8.625% per annum and will be issued at par. The Notes offering was increased from the previously announced $500 million aggregate principal amount. The Notes will be secured by second-priority liens on substantially all of Halcón's and its subsidiary guarantors' assets that secure the Company's senior secured revolving credit facility.
Halcón intends to use the net proceeds from the offering to repay the outstanding borrowings under its senior secured revolving credit facility and for general corporate purposes.
The securities were offered to qualified institutional buyers pursuant to Rule 144A and to certain persons in offshore transactions pursuant to Regulation S, each under the Securities Act of 1933, as amended (the "Securities Act"). The Company expects to close the offering on or about May 1, 2015.
The securities offered by Halcón in the private placement have not been registered under the Securities Act, or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties, such as financial market conditions, changes in commodities prices and the other risks discussed in detail in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 and other subsequent filings with the Securities and Exchange Commission. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. Halcón has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company's expectations.
About Halcón Resources
Halcón Resources Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.
CONTACT: Scott M. Zuehlke VP, Investor Relations Halcon Resources (832) 538-0314