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(RTTNews) - Talos Energy Inc. (TALO), an oil and gas company, said on Tuesday that its unit, Talos Production Inc., has commenced an offering of $1,000 million of new second-priority senior secured notes.
The offering consists of second-priority senior secured notes due 2029 and 2031.
The company intends to use the net proceeds from the offering to fund a portion of the cash consideration for its recently announced pending acquisition of QuarterNorth Energy, Inc. The proceeds will also be used to redeem 12 percent second-priority senior secured notes due 2026 issued by the company, and to pay any expenses related to the redemption and the issuance of the new notes.
The remaining proceeds will be used for general corporate purposes, the company said.
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