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(Alliance News) - Kosmos Energy Ltd on Friday said it has priced USD450 million of 7.500% senior notes due 2028, upsizing the offering by USD50 million.
Kosmos, and oil and gas exploration and production company focused along the Atlantic Margins, had previously announced a USD400 million offering, but has upsized this to USD450 million. The offering is set to close on Thursday next week.
The company said it plans to use net proceeds from the offering to repay outstanding debt under its revolving credit facility and commercial debt facilities, as well as for general corporate purposes.
Moody's Investors Service on Friday upgraded Kosmos's rating outlook to stable from negative. It also affirmed the company's B2 Corporate Family Rating as well as Kosmos's B2-PD Probability of Default Rating, and Caa1 senior unsecured notes.
Sajjad Alam, senior analyst at the ratings agency, said: "The stable outlook reflects higher oil price expectations for 2021 and Kosmos Energy's improved liquidity and funding position that should allow it to sufficiently cover its significant capital expenditures in 2021."
Shares in Kosmos were down 3.2% at 230.43 pence in London on Friday morning.
By Anna Farley; annafarley@alliancenews.com
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