FORT WORTH, Texas, June 12, 2013 (GLOBE NEWSWIRE) -- Quicksilver Resources Inc. ("Quicksilver") (NYSE:KWK) announced today that it priced its previously announced private offering of senior notes due 2021 (the "notes") in an aggregate principal amount of $325 million. The notes will bear an interest rate of 11.00% per annum. The notes will be issued at 94.928% of their face value and will mature on July 1, 2021.
Quicksilver intends to use the net proceeds from the offering, the net proceeds from the expected $625 million senior secured second priority term loan facility maturing in 2019, the net proceeds from the expected private offering of $200 million aggregate principal amount of second lien senior secured floating rate notes due 2019 and cash on hand, to (i) repurchase any and all of its outstanding 8 1/4% Senior Notes due 2015 (the "2015 Senior Notes") and its outstanding 11 3/4% Senior Notes due 2016 (the "2016 Senior Notes") validly tendered in previously announced tender offers and related consent solicitations (the "Tender Offers"), (ii) pay any fees and expenses for the Tender Offers and for a previously announced consent solicitation with respect to its 9 1/8% Senior Notes due 2019 (the "2019 Senior Notes"), including any applicable consent solicitation fees, tender premiums and accrued interest on the 2015 Senior Notes, the 2016 Senior Notes and the 2019 Senior Notes, and (iii) in its discretion, repurchase, redeem or discharge the 2015 Senior Notes or the 2016 Senior Notes, if any, that remain outstanding after the completion of the Tender Offers.
The notes have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act of 1933, as amended. This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
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