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The notes are to be senior, unsecured obligations, ranking equally with Kosmos’s existing senior notes and revolving credit facility. They will be guaranteed by certain subsidiaries of the company on both a senior and subordinated basis. Kosmos intends to use the proceeds to repay part of its commercial debt facility, fund capped call transactions, and cover offering-related fees and expenses.
Capped call transactions are expected to reduce potential dilution to Kosmos’s common stock upon conversion of the notes or offset cash payments above the principal amount of converted notes, subject to a cap. The option counterparties or their affiliates will engage in derivative transactions that could affect the market price of the company’s common stock or the notes.
The offering targets qualified institutional buyers and will not be registered under the Securities Act of 1933 or state securities laws, relying instead on exemptions from registration requirements.
This press release contains forward-looking statements regarding the potential offering and its effects. Kosmos Energy, based in Dallas, Texas, operates along the Atlantic Margins with assets in offshore Ghana, Equatorial Guinea, the U.S. Gulf of Mexico, and a gas development offshore Mauritania and Senegal.
The information in this article is based on a press release statement from Kosmos Energy Ltd.
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