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SM Energy (SM) Intends to Offer $350M Senior Unsecured Notes

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SM Energy Company (SM - Free Report) announced its intention to raise $350 million from the offering of a series of senior unsecured notes that are scheduled to get matured by 2028. The upstream energy player added that the offering is subject to market and other conditions.

The net proceeds from the offering will likely be allocated by the company for financing a cash tender offer for all of its outstanding senior notes, which will likely mature by 2022 and carry an interest rate of 6.125%. The proceeds will also be used for funding part of its outstanding senior notes, which are carrying an interest rate of 5.00% and will mature by 2024. If the situation arises that the tender offer is not getting completed or fully subscribed, then the proceeds will probably get allocated for general corporate activities.

Headquartered in Denver, CO, SM Energy is a leading upstream firm, with a strong focus on high-quality, Lower 48 oil and natural gas producing assets. Hence, the company is well-positioned to gain on the favorable oil pricing environment.

Currently, the company carries a Zacks Rank #3 (Hold). Meanwhile, some better-ranked players in the energy space are Whiting Petroleum Corporation (WLL - Free Report) , Callon Petroleum Company (CPE - Free Report) and Oasis Petroleum Inc. (OAS - Free Report) . All companies currently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.

Callon Petroleum is expected to register earnings growth of 129% in 2021.

Oasis Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.

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