May 22, 2009 (FinancialWire) — Berry Petroleum Co. (NYSE: BRY) has priced a public offering of $325 million of senior notes due 2014, which will bear interest at a rate of 10.25% per year.

Wachovia Capital Markets 9NYSE: WB), RBS Securities (NYSE: RBS-PCL), BNP Paribas Securitie, SG Americas Securities and Calyon Securities are acting as joint bookrunning managers.

The notes are being sold at 93.546% of par, which equates to an effective yield to maturity of around 12%. Berry said it expects to close the sale of the notes on May 27.

Berry plans to use the net proceeds of the offering to repay in full its second lien term loan and reduce outstanding borrowings under its senior secured revolving credit facility.

Denver-based Berry Petroleum is an independent oil and gas production and exploitation company with operations in California, Utah, Colorado and Texas.

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