Talos Energy Inc (TALO) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Talos Energy Inc. and its subsidiaries have entered into agreements for issuing $1.25 billion in senior secured notes, maturing in 2029 and 2031 with interest rates of 9.000% and 9.375%, respectively. These notes, guaranteed by the company and certain subsidiaries, are part of a strategic move to fund the acquisition of QuarterNorth Energy Inc. and to redeem existing higher-interest debt. The notes offer provisions for redemption at set prices and times, including a special mandatory redemption if the acquisition does not proceed by a specified date. The agreements also outline covenants restricting certain financial actions by the company and define events that would constitute a default.
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For a comprehensive understanding of the announcement, you can read the full document here.
