DENVER, CO--(Marketwire - March 04, 2008) -
Bill Barrett Corporation (NYSE: BBG) announced today its intent to offer, subject to market and other
conditions, a new issue of convertible senior notes with an aggregate
principal amount of $130.0 million. The net proceeds from the offering will
be used to reduce the outstanding indebtedness under the Company's
revolving credit facility. The Company also intends to grant the
underwriters of the proposed offering an option to purchase up to an
additional $19.5 million aggregate principal amount of notes solely to
cover over-allotments.
The convertible notes are being offered
pursuant to a prospectus supplement to the Company's currently effective
shelf registration statement filed with the United States Securities and
Exchange Commission (SEC). The notes will be unsecured, unsubordinated
obligations of the Company. The notes will be convertible into cash, shares
of common stock or a combination as the Company elects under specified
circumstances as described in the prospectus supplement.
Deutsche Bank Securities Inc., Banc of
America Securities LLC and J.P. Morgan Securities Inc. will be joint
book-running managers for this offering. Copies of the prospectus
supplement may be obtained from Deutsche Bank Securities Inc. by writing to
Deutsche Bank Securities Prospectus Department, 100 Plaza One, Second
Floor, Jersey City, NJ 07311, or by calling 800-503-4611. The prospectus supplement may
also be found at the SEC Website at www.sec.gov.
This
announcement does not constitute an offer to sell, or the solicitation of
an offer to buy, securities. The securities will not be sold in any state
or jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws
of that jurisdiction.
FORWARD-LOOKING
STATEMENTS
This
press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including the Company's
statements regarding an expected offering of convertible senior notes.
Forward-looking statements are based on management's judgment as of this
date and include certain risks and uncertainties. Please refer to the
Company's annual report for the year-ended December 31, 2007 filed on Form
10-K with the SEC for a list of certain risk factors. Actual results may
differ materially from Company projections and can be affected by a variety
of factors outside the control of the Company. Bill Barrett Corporation
encourages readers to consider the risks and uncertainties associated with
projections. In addition, the Company assumes no obligation to publicly
revise or update any forward-looking statements based on future events or
circumstances.
ABOUT
BILL BARRETT CORPORATION
Bill
Barrett Corporation (NYSE: BBG),
headquartered in Denver, Colorado explores for and develops natural gas and
oil in the Rocky Mountain region of the United States. Additional
information about the Company may be found on its web site www.billbarrettcorp.com.