SOURCE: Bill Barrett Corporation

March 04, 2008 07:54 ET

Bill Barrett Corporation Announces Intent to Offer $130 Million of Convertible Senior Notes

DENVER, CO--(Marketwire - March 4, 2008) - Bill Barrett Corporation (NYSE: BBG) announced today its intent to offer, subject to market and other conditions, a new issue of convertible senior notes with an aggregate principal amount of $130.0 million. The net proceeds from the offering will be used to reduce the outstanding indebtedness under the Company's revolving credit facility. The Company also intends to grant the underwriters of the proposed offering an option to purchase up to an additional $19.5 million aggregate principal amount of notes solely to cover over-allotments.

The convertible notes are being offered pursuant to a prospectus supplement to the Company's currently effective shelf registration statement filed with the United States Securities and Exchange Commission (SEC). The notes will be unsecured, unsubordinated obligations of the Company. The notes will be convertible into cash, shares of common stock or a combination as the Company elects under specified circumstances as described in the prospectus supplement.

Deutsche Bank Securities Inc., Banc of America Securities LLC and J.P. Morgan Securities Inc. will be joint book-running managers for this offering. Copies of the prospectus supplement may be obtained from Deutsche Bank Securities Inc. by writing to Deutsche Bank Securities Prospectus Department, 100 Plaza One, Second Floor, Jersey City, NJ 07311, or by calling 800-503-4611. The prospectus supplement may also be found at the SEC Website at www.sec.gov.

This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, securities. The securities will not be sold in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the Company's statements regarding an expected offering of convertible senior notes. Forward-looking statements are based on management's judgment as of this date and include certain risks and uncertainties. Please refer to the Company's annual report for the year-ended December 31, 2007 filed on Form 10-K with the SEC for a list of certain risk factors. Actual results may differ materially from Company projections and can be affected by a variety of factors outside the control of the Company. Bill Barrett Corporation encourages readers to consider the risks and uncertainties associated with projections. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.

ABOUT BILL BARRETT CORPORATION

Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado explores for and develops natural gas and oil in the Rocky Mountain region of the United States. Additional information about the Company may be found on its web site www.billbarrettcorp.com.

Contact Information

  • Company contact:
    Jennifer Martin
    Director of Investor Relations
    303-312-8155