[Context: On October 10, Blackstone-backed Vine Oil & Gas announced a $530m private offering of senior unsecured notes due 2023. In April, the company filed an S-1 with a $500m placeholder to go public as Vine Resources. In May, Moody’s upgraded the company’s outlook to stable from negative as a result of improved liquidity from a superpriority loan. However it downgraded a Term Loan B as a result of its new capital structure. Further details and related links are below.]

Vine Oil & Gas LP Announces $530 Million Private Offering of Senior Unsecured Notes due 2023

October 10, 2017 08:00 AM Eastern Daylight Time

PLANO, Texas–(BUSINESS WIRE)–Vine Oil & Gas LP (“Vine”) and Vine’s wholly owned subsidiary, Vine Oil & Gas Finance Corp., announced today the commencement of a private offering of $530 million in aggregate principal amount of senior unsecured notes due 2023 to eligible purchasers (the “Notes Offering”), subject to market conditions and other factors.

Vine intends to use a portion of the net proceeds of the Notes Offering to repay in full its existing third lien term loan, and the remainder of the net proceeds will be used to pay down borrowings under its second lien term loan and revolving credit facility.

The securities to be offered in the Notes Offering have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Vine plans to offer and sell the securities only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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