updated 11/12/2010 2:03:04 PM ET 2010-11-12T19:03:04

Independent oil and natural gas company Stone Energy Corp. said Friday it will offer $100 million in 8.625 percent senior notes due in 2017.

The Lafayette, La., company plans to use proceeds to repay bank credit line borrowings and to make payments toward its purchase of additional lease acreage in Appalachia.

Merrill Lynch, Pierce, Fenner & Smith Inc. is acting as the offering's sole book-running manager.

The company's stock fell 22 cents to $19.59 in Friday afternoon trading.

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