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Memorial Production Partners LP prices offering of additional USD300m senior notes.

M2 EQUITYBITES-October 8, 2013-Memorial Production Partners LP prices offering of additional USD300m senior notes(C)2013 M2 COMMUNICATIONS

Natural gas company Memorial Production Partners LP (NasdaqGS:MEMP) on Monday announced that it priced its offering of another USD300m in aggregate principal amount of their 7.625% senior unsecured notes due 2021.

The company added the notes are being offered in conjunction with its wholly owned subsidiary, Memorial Production Finance Corporation.

These additional notes are being offered under the same indenture of their existing USD400m of 7.625% senior notes due 2021. The existing notes and the additional notes will be treated as a single class under the indenture, said the company.

According to the company, the additional notes will be issued at an offering price of 97.0% of the principal amount for a yield to worst of 8.163%.

Net proceeds will be used by the company to repay a portion of the outstanding borrowings under its revolving credit facility as well as for general partnership purposes.

Subject to customary closing conditions, the offering is expected to close on 10 October 2013.

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Publication:M2 EquityBites (EQB)
Date:Oct 8, 2013
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