By Lisa Kerner
Charlotte, N.C., Dec. 20 - Vitruvian Exploration, LLC closed a private offering of $130 million of 12% senior secured notes due 2015.
Proceeds will be used to repay debt under Vitruvian's amended revolving credit facility, for capital expenditures for lease acquisitions and drilling in 2011 and 2012 and for general corporate purposes, according to a company news release.
The notes are secured by assets securing Vitruvian's revolving credit facility.
Warrants, exercisable for class A units representing membership interests in Vitruvian, were also issued to each purchaser of the notes, the company said.
Global Hunter Securities, LLC was the agent, according to a form D filing with the Securities and Exchange Commission.
The notes and the warrants have not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States.
Vitruvian Exploration is an independent oil and natural gas company based in the Woodlands, Texas.
| Issuer: | Vitruvian Exploration, LLC
|
| Issue: | Senior notes
|
| Amount: | $130 million
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| Coupon: | 12%
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| Maturity: | 2015
|
| Distribution: | Private placement
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