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Saratoga Resources refinances $27.3 million of existing notes at 10%


Published Nov 26, 2013
Saratoga Resources, Inc.

Saratoga Resources, Inc. has issued $27.3 million of first lien notes in exchange for the retirement of $27.3 million of outstanding 12½% senior secured notes and has issued an additional $27.3 million of first lien notes for cash.

The first lien notes bear interest at 10% per annum, mature December 31, 2015 and are redeemable by the Company at its option without prepayment premium.

Net proceeds from the issuance of first lien notes will be used for general corporate purposes, including working capital and capital expenditures.

Tags: Saratoga Resources




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