PDC issues notes for Delaware buy

Proceeds of the sales will be used to help pay for PDC’s $1.5 billion entry into the Delaware sub-basin of the Permian, where it bought out two privately held companies to gain access to 57,000 acres in Reeves and Culberson counties in August.

Earlier this month, PDC sold 9.085 million shares of common stock for gross proceeds of $574 million and another $200 million in convertible notes due 2021.

Proceeds