April 23, 2009 (FinancialWire) — Encore Acquisition Co. (NYSE: EAC) has priced an underwritten public offering of $225 million of senior subordinated notes due 2016, which will bear interest at a rate of 9.50% per year. Banc of America Securities (NYSE: BAC) and Wachovia Securities (NYSE: WB) are acting as joint bookrunning managers.

The notes are being sold at 92.228% of par, which equates to an effective yield to maturity of around 11.125%. Encore said it expects to close the sale of the notes on April 27.

Encore plans to use the net proceeds of the proposed offering to repay outstanding borrowings under its revolving credit facility.

Fort Worth, Texas-based Encore Acquisition is engaged in the acquisition and development of oil and natural gas reserves from onshore fields in the United States.

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