MIDLAND, Texas, Oct. 2, 2017 /PRNewswire/ -- CrownRock, L.P. ("CrownRock"), an oil and gas producing joint venture of CrownQuest Operating and Lime Rock Partners, today announced the pricing of its private offering of $1 billion principal amount of 5.625% senior notes due 2025 (the "notes"). The notes will be sold at 100% of par to yield 5.625% to maturity. The proceeds of the offering will be used by CrownRock to fund all of its obligations under tender offers it is commencing today for any and all of its outstanding 7.125% Senior Notes due 2021 and 7.75% Senior Notes due 2023, to repay existing borrowings under its revolving credit facility and for other general partnership purposes, including the funding of a portion of its capital development plan. The offering is expected to close on October 11, 2017, subject to the satisfaction of customary closing conditions.
The notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws; and unless so registered, the notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The notes are expected to be eligible for trading by qualified institutional buyers under Rule 144A under the Securities Act and non-U.S. persons under Regulation S under the Securities Act.
This press release is neither an offer to sell nor a solicitation of an offer to buy the notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.
SOURCE CrownRock, L.P.