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Compton Petroleum Announces Pricing of US$150 Million Senior Note Offering
Compton Petroleum Announces Pricing of US$150 Million Senior Note Offering.
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\n\nCALGARY, March 24 /CNW/ - Compton Petroleum Corporation (\"Compton\") (TSX \n- CMT, NYSE - CMZ) announced today that it has priced an offering of US$150\nmillion in aggregate principal amount of 7 5/8% Senior Notes due 2013 (the\n\"Notes\") of Compton Petroleum Finance Corporation (\"Compton Finance\"), its\nwholly-owned subsidiary, in a private offering under Rule 144A under the U.S.\nSecurities Act of 1933, as amended (the \"Securities Act\") and pursuant to\napplicable prospectus exemptions in Canada. The Notes will be issued under an\nindenture dated as of November 22, 2005 pursuant to which Compton Finance\npreviously issued US$300,000,000 of 7 5/8% Senior Notes due 2013 (the\n\"Original 7 5/8% Notes\"). The Notes will bear interest at an annual rate of\n7 5/8% and will be guaranteed by Compton and all significant subsidiaries of\nCompton, other than Compton Finance.\nCompton intends to use the net proceeds from the offering to repay a\nportion of its outstanding debt under its senior secured credit facilities.\nThe offering of the Notes is expected to close on or about April 4, 2006.\nThe offering of Notes will not be registered under the Securities Act,\nand the Notes may not be offered or sold in the United States absent\nregistration or an applicable exemption from the registration requirements of\nthe Securities Act. The Notes issued in Canada pursuant to the private\noffering will be subject to an indefinite hold period in accordance with\napplicable securities laws.\nThis press release does not constitute an offer to sell or the\nsolicitation of an offer to buy any security and shall not constitute an\noffer, solicitation or sale of any securities in any jurisdiction in which\nsuch offering, solicitation or sale would be unlawful.\n\nAbout Compton Petroleum Corporation and Compton Petroleum Finance\nCorporation\n\nCompton is an Alberta-based independent public company actively engaged\nin the exploration, development and production of natural gas, natural gas\nliquids and crude oil in the Western Canadian Sedimentary Basin. Compton\nFinance is a corporation incorporated under the laws of the Province of\nAlberta, Canada and a wholly-owned subsidiary of Compton. Compton Finance has\nno independent operations and was formed solely for the purpose of issuing the\nOriginal 7 5/8% Notes.\n\nCertain information r...