NEW YORK, Jan. 12, 2018 /PRNewswire/ -- Moss Creek
Resources Holdings, Inc. (the "Company"), a wholly owned subsidiary
of Surge Energy US Holdings Company, announced today that it has
priced $700.0 million in
aggregate principal amount of its 7.500% senior notes due 2026 (the
"Notes") in a private offering (the "Offering") that is exempt from
registration under the Securities Act of 1933, as amended (the
"Securities Act"). The Offering is expected to close on
January 18, 2018, subject to
customary closing conditions.
The Notes will be the senior unsecured obligations of the
Company and will initially be guaranteed by each of the Company's
two subsidiaries, Moss Creek Resources, LLC and Surge Operating,
LLC.
The Company intends to use the net proceeds from the Offering to
repay all outstanding borrowings under, and terminate, the
Company's existing term loan facility, repay outstanding borrowings
under the Company's revolving credit facility, pay related fees and
expenses of such transactions and, to the extent there are any
remaining proceeds, for general corporate purposes.
The Notes and related guarantees are being offered in a private
placement, solely to persons reasonably believed to be qualified
institutional buyers in reliance on Rule 144A under the Securities
Act or outside the United States
to non-U.S. persons in compliance with Regulation S under the
Securities Act. The Notes and related guarantees have not been
registered under the Securities Act or the securities laws of any
other jurisdiction and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act and applicable state securities or blue sky laws and
foreign security laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any Notes, nor shall there be any
sales of the Notes in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
This press release includes "forward-looking statements,"
including, in particular, statements about the Company's plans,
strategies and prospects. These forward-looking statements can
generally be identified by the use of forward-looking terminology,
including the terms "believes," "expects," "anticipates,"
"intends," "estimates," "projects," "target," "goal," "plans,"
"objective," "should" or similar expressions or, in each case,
their negative or other variations or comparable terminology.
Although the Company bases these forward-looking statements on
assumptions that the Company believe are reasonable when made,
actual results could differ materially from those projected in the
forward-looking statements. These forward-looking statements are
subject to risks, uncertainties and assumptions, including, among
other things: the Company's ability to consummate the Offering,
changes in general economic and market conditions and other factors
discussed in the offering memorandum in connection with this
Offering. You should not put undue reliance on any forward-looking
statements. You should understand that many important factors,
including those discussed herein, could cause actual events and
results to differ materially from those expressed or suggested in
any forward-looking statement. Any forward-looking statements that
the Company makes in this press release speak only as of the date
of those statements. Except as required by law, the Company does
not undertake any obligation to update or revise these
forward-looking statements to reflect new information or events or
circumstances that occur after the date of this press release or to
reflect the occurrence of unanticipated events or
otherwise.
View original
content:http://www.prnewswire.com/news-releases/surge-energy-announces-pricing-of-7000-million-of-its-7500-senior-notes-due-2026-300582246.html
SOURCE Surge Energy