On November 12, 2024, Magnolia Oil & Gas Operating LLC (“Magnolia Operating”) and Magnolia Oil & Gas Finance Corp., a subsidiary of Magnolia Operating, (“Finance Corp.” and, together with Magnolia Operating, the “Issuers”) announced the pricing of their private offering (the “Notes Offering”) of $400 million in aggregate principal amount of 6.875% senior unsecured notes due 2032 (the “Notes”).
The closing of the Notes Offering is expected to occur on November 26, 2024, and is conditioned upon the satisfaction of customary closing conditions. The Issuers intend to use the net proceeds from the offering to repurchase and redeem the outstanding 6.00% Senior Notes due 2026 in full.
The Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Issuers plan to offer and sell the securities only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act.
Baker Botts L.L.P. represented the initial purchasers in the Notes Offering.
The Company’s press release can be found here.
Baker Botts Lawyers/Office Involved:
- Corporate: Doug Getten (Partner, Houston); Garrett Hughey (Senior Associate, Houston); Austin Lee (Associate, Houston); Edmund Gyasi (Associate, Houston); Cade Luedde (Associate, Houston)
- Finance: Clint Culpepper (Partner, Austin)
- Tax: Jon Lobb (Partner, Houston); Michael Kovacich (Associate; Houston)
