Rex Energy postpones $250 million notes offer due to market conditions

By Paul A. Harris

Portland, Ore., Nov. 27 - Rex Energy Corp. postponed its $250 million offering of eight-year senior notes due to market conditions, according to a Tuesday press release.

"The conditions in the debt capital markets have led us to conclude that now is not the right time to move forward with an offering of senior notes," said Tom Stabley, Rex Energy's chief executive officer.

"We were seeking to access the debt capital markets to enhance our already strong balance sheet, but we have the flexibility to be opportunistic about timing while maintaining our disciplined approach to raising capital."

Wells Fargo Securities LLC was the left bookrunner. KeyBanc Capital Markets LLC, SunTrust Robinson Humphrey Inc. and RBC Capital Markets LLC were the joint bookrunners.

Proceeds had been designated to be used to repay all of the company's revolver debt, to repay and terminate its second-lien term loan and for general corporate purposes.

The independent oil and gas exploration and production company is based in State College, Pa.

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