Unit Corporation (NYSE: UNT) (“Unit”) announced today that it intends to
offer, subject to market and other conditions, $350 million aggregate
principal amount of 6 ⅝% senior subordinated notes (the “Notes”) due
2021 in a private offering (the “Offering”) to eligible purchasers. Unit
intends to use the net proceeds from the Offering to partially finance
Unit Petroleum Company’s previously announced pending acquisition (the
“Acquisition”) of certain oil and natural gas assets from Noble Energy,
Inc. The consummation of the Acquisition is subject to certain customary
closing conditions and, as a result, there can be no assurance that the
Acquisition will be consummated.
The Notes have not been registered under the Securities Act of 1933, as
amended (the “Securities Act”) or applicable state securities laws and
may not be offered or sold in the United States absent registration or
an applicable exemption from the registration requirements of the
Securities Act and applicable state laws. Unit plans to offer and issue
the Notes only to qualified institutional buyers pursuant to Rule 144A
under the Securities Act and to non-U.S. persons outside the United
States pursuant to Regulation S. Following the completion of the
Acquisition and the required exchange offer of the Notes for registered
notes, we anticipate that the registered notes will be treated as a
single series of debt securities with Unit’s existing $250 million
aggregate principal amount of 6⅝% senior subordinated notes due 2021.
This press release is being issued pursuant to Rule 135c under the
Securities Act and is neither an offer to sell nor a solicitation of an
offer to buy the Notes or any other securities and shall not constitute
an offer to sell or a solicitation of an offer to buy, or a sale of, the
Notes or any other securities in any jurisdiction in which such offer,
solicitation or sale is unlawful.
Unit Corporation is a Tulsa-based, publicly held energy company engaged
through its subsidiaries in oil and natural gas exploration, production,
contract drilling and natural gas gathering and processing. Unit’s
Common Stock is listed on the New York Stock Exchange under the symbol
UNT. For more information about Unit Corporation, visit its website at http://www.unitcorp.com.
Unit Corporation
David T. Merrill, 918-493-7700
Chief
Financial Officer & Treasurer
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