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  • 标题:Houston-based Seven Seas Petroleum announces $45M financing
  • 作者:David Page
  • 期刊名称:Journal Record, The (Oklahoma City)
  • 印刷版ISSN:0737-5468
  • 出版年度:2001
  • 卷号:Jul 11, 2001
  • 出版社:Journal Record Publishing Co.

Houston-based Seven Seas Petroleum announces $45M financing

David Page

Seven Seas Petroleum Inc. on Tuesday announced today a $45 million financing that include a major investment by Oklahoma City- based Chesapeake Energy.

Chesapeake has agreed to purchase $22.5 million of senior secured notes with warrants to purchase 12,612,140 shares of common stock in Houston-based Seven Seas at about $1.78 per share. Chesapeake will have warrants to purchase 20 percent of the common stock.

In trading Tuesday on the American Stock Exchange, Seven Seas closed up 36 cents at $2.85. Chesapeake was down 17 cents to $6.11 in trading on the New York Stock Exchange.

Seven Seas also said that a group of investors led by Robert A. Hefner III, the company's chairman and CEO, will agree to purchase $22.5 million of short-term secured notes. Hefner will purchase $15 million of the notes and two of the company's independent directors will participate as well. A limited liability company controlled by the father of a third independent director will also participate.

After the closing of the senior secured notes and the short-term secured notes, Seven Seas will offer to current shareholders $22.5 million of senior secured notes with warrants to purchase 12,612,140 shares at $1.78 per share.

Money from the rights offering will be used to redeem the short- term secured notes sold to Hefner and the investors.

Closing of the financing is scheduled for July 23.

Seven Seas Petroleum is an independent oil and gas exploration and production company operating in Colombia, South America.

Copyright 2001 Dolan Media Newswires
Provided by ProQuest Information and Learning Company. All rights Reserved.

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