GMX Resources is seeking to raise $300 million through the sale of its common shares and notes, Reuters reports. The U.S. oil and gas company will raise $100 million through a public offering of its common shares and $200 million through a private placement of senior notes.
The Oklahoma-based company seeks to use the proceeds to buy back $50 million of its outstanding senior notes, repay debt to fund pending acquisitions and to fund its exploration and development program. GMX Resources has appointed Morgan Stanley and Credit Suisse Securities as the joint book-running managers of the stock offering.
Click here for the story from Reuters.
Click here for additional coverage from RTT News.