DENVER, CO--(Marketwire - June 30, 2009) - Bill Barrett Corporation (NYSE: BBG) today announced that it has priced its $250 million aggregate principal amount of 9.875% Senior Notes due 2016. The notes were sold to the public at 95.172% of the face value to yield 10.875% to maturity. The offering size was increased from $200 million (as previously announced) to $250 million. The notes will be unsecured, unsubordinated obligations of the Company. Initially, all of the Company's subsidiaries will guarantee the notes.
Interest on the notes is payable January 15 and July 15 of each year. The first interest payment will be made on January 15, 2010, and will consist of interest from July 8, 2009 to that date. The notes will mature on July 15, 2016. The offering is expected to close on July 8, 2009, subject to customary closing conditions. The Company intends to use the net proceeds from the offering to repay borrowings under its revolving credit facility.
Banc of America Securities LLC, Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. were the joint book-running managers for the offering. This offering is being made only by means of a prospectus and related prospectus supplement. Electronic copies of the prospectus and the prospectus supplement may be obtained from Banc of America Securities LLC at 100 West 33rd Street, 3rd Floor, New York, NY 10001, Attention: Prospectus Department, or at 1-800-294-1322, from Deutsche Bank Securities Inc. at 100 Plaza One, Second Floor, Jersey City, NJ 07311 or at 1-800-503-4611 and from J.P. Morgan Securities Inc. by calling 800-245-8812. The prospectus and the prospectus supplement may also be obtained from the Securities and Exchange Commission's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.
This press release includes "forward-looking statements" within the meaning of the federal securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include the Company's plan to complete a public offering of $250 million of senior notes. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, including market conditions, operational developments with respect to the Company, and other factors described in the Company's reports filed with the Securities and Exchange Commission.
About Bill Barrett Corporation
Bill Barrett Corporation, headquartered in Denver, Colorado, explores for and develops natural gas and oil in the Rocky Mountain region of the United States.