Abraxas buys back $15.5 million 11½% notes from Guggenheim

New York, Oct. 7 - Abraxas Petroleum Corp. said it has agreed to repurchase $15.5 million principal amount of its 11½% secured notes due 2007 from affiliates of Guggenheim Capital LLC.

The San Antonio oil and gas exploration and production company will pay $14.7 million including accrued interest.

Funding will come from borrowings on Abraxas' senior credit facility and cash on hand.

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