CLR Announces A Private Placement Of $1.7 Billion In Unsecured Notes

From the press release:

Continental Resources, Inc. announced today the pricing of its private placement of $1.0 billion of new 3.800% senior unsecured notes due 2024 and $700.0 million of new 4.900% senior unsecured notes due 2044. The 2024 notes were sold at 99.644% of par, resulting in a yield to maturity of 3.843% with respect to the 2024 notes. The 2044 notes were sold at 99.717% of par, resulting in a yield to maturity of 4.918% with respect to the 2044 notes. The offering is expected to close on May 19, 2014 , subject to customary closing conditions. Continental intends to use the net proceeds from this offering to repay in full amounts outstanding under its revolving credit facility, to finance the redemption of its 8 ¼% senior notes due 2019 and for general corporate purposes.

So, for slow readers like me, it appears I can buy a $1000 note (if available, and if available in that denomination), I guess for about $99.70 and receive almost 4% for notes that mature in 2024, and almost 5% for notes that mature in 2044.

If I am reading this correctly, US Savings Bonds currently have a fixed rate of 0.5%, but it's in really small print and I may be misreading it. But if that's really what US Savings Bonds are returning ...

Disclaimer: this is not an investment site. Do not make any investment decisions based on what you read here or what you think you may have read here.

$1.7 billion for wells that cost $7 million will get CLR about 243 wells, net. Disclaimer: I often make simple arithmetic mistakes.

Disclaimer: if I don't know very much about investing or the Bakken, I know even less about bonds and notes. The above is just idle rambling; not to be taken literally.