Berry Petroleum Company LLC, operator of the Placerita Oil Field in Newhall and other, larger oil properties, announced the pricing Monday of its previously announced private offering of senior unsecured notes due 2026, which upsized to $400 million in aggregate principal amount. The notes will bear interest at 7 percent per annum. Berry intends to use the net proceeds from the offering to pay down borrowings under its revolving credit facility and for general corporate purposes.

The closing of the offering, which is subject to customary conditions, is expected to occur on February 8. The senior unsecured notes offered by Berry will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state securities laws. The notes were only offered to qualified institutional buyers in the United States in reliance on Rule 144A under the Securities Act and to certain persons outside of the United States pursuant to Regulation S under the Securities Act.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful.

About Berry Petroleum Company LLC

Berry is a privately-held, value-driven independent energy company engaged in the acquisition, development and production of conventional oil and natural gas reserves located in the western United States, including California, Utah, Colorado and Texas.