Sanchez Energy Corp. (NYSE: SN) has begun an exchange offer of up to $1,150,000,000 million aggregate principal amount of its 6.125% senior notes due 2023 (the "new notes") that have been registered under the Securities Act of 1933, as amended (the Act), for an equal amount of its outstanding 6.125% senior notes due 2023 that have not been registered under the Act (the "old notes").
The new notes will have terms that are identical in all material respects to the terms of the old notes, except that the new notes will be registered under the Act and will not have any of the transfer restrictions, registration rights or additional interest relating to the old notes. Sanchez Energy will not receive any proceeds for the exchange offer.
The exchange offer will expire at 5 p.m. (New York City time) on Feb. 23, unless extended.
Sanchez Energy focuses on the acquisition and development of unconventional oil and gas resources in the onshore US Gulf Coast, with a current focus on the Eagle Ford shale play, where the company has assembled approximately 226,000 net acres. Sanchez also has approximately 61,000 net acres targeting the Tuscaloosa Marine shale play.