GMX Resources Inc. - 2011-02-04
Description
Priced a private offering of senior notes due 2019, which bear interest at 11.375% per annum. The notes are being issued at a price of 96.833% of their face amount.
Net proceeds will be used to fund an offer to purchase up to $50 million of its 5% convertible senior notes due 2013; to pay debt; to fund the cash portion of the purchase price of pending acquisitions of undeveloped oil and gas leases for approximately $68.3 million; to fund its exploration and development program; and for other general corporate purposes.