Eclipse Resources Prices $550 Mln Senior Note Offering

(RTTNews) - Eclipse Resources Corp. (ECR) said Friday that it has priced its private placement of senior notes.

The company will issue $550 million aggregate principal amount of 8.875% senior unsecured notes due 2023. The notes will be issued at a price of 97.903% of their face value.

The offering is expected to close on July 6.

The company estimates that it will receive net proceeds of about $525.5 million, after deducting original issue discount, the initial purchasers' discounts and estimated offering expenses, of which it plans to use about $510.7 million to finance the redemption of its outstanding 12.0% senior unsecured PIK notes due 2018. The company plans to use the remaining net proceeds to fund its capital expenditure plan and for general corporate purposes.