Gastar Exploration Inc. Conditionally Calls 8-5/8% Senior Secured Notes For Redemption
HOUSTON, Feb. 22, 2017 /PRNewswire/ -- Gastar Exploration Inc. (NYSE MKT: GST) ("Gastar") announced today that it has conditionally called for redemption of all $325 million outstanding principal of its 8-5/8% Senior Secured Notes Due 2018 (CUSIP No. 36729W AA1) (the "Notes") for redemption on March 24, 2017 (the "Redemption Date") at a redemption price of 102.156% of the principal amount of the Notes (the "Redemption Price"), plus accrued and unpaid interest to, but not including, the Redemption Date. The redemption of the Notes is conditioned upon the completion, on or before March 21, 2017, of the financings contemplated in the previously announced Securities Purchase Agreement dated as of February 16, 2017, by and among Gastar and certain purchasers affiliated with Ares Management, L.P. Gastar expects the financings will be completed by the end of this month. Gastar will publicly announce and notify the holders and the indenture trustee for the Notes if the foregoing condition is not satisfied, whereupon the redemption will be revoked.