McMoRan Exploration Co on Friday priced $300 million in senior notes due 2014. The senior notes have an interest rate of 11.875 percent per year. The transaction is expected to close Wednesday. The sale of the notes is expected to generate proceeds of about $292 million, which the New Orleans energy company will use to repay debt it incurred in acquiring assets from Newfield Exploration Co. earlier this year.
Source: Times Picayune
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