Stone Energy to repay bank debt, redeem notes with asset sale proceeds

By Sara Rosenberg

New York, June 29 - Stone Energy Corp. plans to repay in full its $109 million of bank borrowings and redeem its $225 million of senior floating-rate notes using proceeds from the sale of its Rocky Mountain properties, according to a company news release.

The company sold the Rocky Mountain properties to Newfield Exploration Co. in two separate transactions for a total cash consideration of $577.9 million.

Stone Energy is a Lafayette, La., independent oil and natural gas company.

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