Carrizo raises size of convertible notes offering

Carrizo Oil & Gas Inc. said Thursday it is increasing the size of a public offering of notes from $275 million to $325 million.

The independent crude oil and natural gas producer also said underwriters will have a 30-day option to buy up to $48.75 million of additional 20-year convertible senior notes.

The notes will bear a 4.375 percent yearly interest and mature on June 1, 2028. They may not be redeemed by Carrizo before June 1, 2013.

Earlier this week, Carrizo said it will use proceeds of the offering to repay debt and to help fund capital expenditures. The offering is expected to close next Wednesday.

Credit Suisse Securities (USA) LLC and RBC Capital Markets Corporation are joint book-running managers and JPMorgan Securities Inc. and UBS Securities LLC are co-managers of the offering.