Endeavour plans note offering backed by $500 million debt commitment

By Sara Rosenberg

New York, Dec. 27 - Endeavour International Corp. has received a commitment for $500 million of senior secured financing that it expects to replace with an issuance of high-yield notes, according to a news release.

Citigroup Global Markets Inc. is the lead bank on the deal.

Proceeds from the new debt will be used to fund the acquisition of ConocoPhillips' interest in three U.K. oil fields in the Central North Sea and to retire existing term loan debt.

The purchase price for the oil fields is $330 million, including about $94 million of tax attributes.

Closing is expected in the first half of 2012 with an effective date of Jan. 1, subject to approval of governmental regulatory authorities and partner consents.

Endeavour is an oil and gas exploration and production company.

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