Houston’s Nine Energy Service, Inc., the firm with extensive exploration in Oklahoma’s STACK and SCOOP plays announced it has priced a private offering of $400 million in senior unsecured notes.
The offering applies to 8.75% senior notes due 2023 and Nine intends to use the net proceeds of the offering, together with cash on hand and borrowings from a new credit facility to finish the firm’s acquisition of Magnum Oil Tools International, LTD.
Nine Energy anticipates the offering of the notes to be closed Oct. 25, 2018. The company not only has completion and production solution operations in the STACK and SCOOP but also in the Permian, Eagle Ford, Niobrara, Barnett, Bakken, Marcellus and Utica plays.