Matador Resources Co. (NYSE: MTDR) has priced a private offering of $400 million of 6.875% senior unsecured notes due 2023. The notes will be issued at par. Matador increased the size of the offering from a previously announced $350 million to $400 million. The offering is expected to close on April 14.
Matador intends to use the net proceeds from the offering primarily to repay a portion of the outstanding borrowings under its revolving credit facility and the debt assumed in connection with the merger of Harvey E. Yates Co. (HEYCO) with and into Matador’s wholly owned subsidiary, to fund a portion of its future capital expenditures, and for other general working capital needs.