Laredo Petroleum Completes Private Placement of $200 Million of Senior Notes

TULSA, Okla., Oct. 20, 2011 /PRNewswire/ -- Laredo Petroleum, Inc. ("Laredo") announced today that it completed an offering of $200 million of senior unsecured notes to eligible purchasers in the private placement market.

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The senior notes were issued under the same indenture and are part of the same series as Laredo's outstanding senior notes issued on January 20, 2011. The senior notes carry a coupon rate of 9.5% and will mature on February 15, 2019, with interest accruing from August 15, 2011 and payable on a semi-annual basis, beginning on February 15, 2012.  

The net proceeds from the offering of the senior notes will be used to pay down amounts outstanding under Laredo's senior secured credit facility.

Additional Information

The senior notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy the senior notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful.

About Laredo

Laredo Petroleum, LLC is an independent oil and gas company with headquarters in Tulsa, Oklahoma.  Laredo's business strategy is focused on the exploration, development and acquisition of oil and gas properties in the Permian and Mid-Continent regions of the United States.  

SOURCE Laredo Petroleum, Inc.