Finance - Debt
Corporate restructuring is a reality of today’s oil and gas landscape. As balance sheet and liquidity problems hit home, some companies have to consider drastic strategies.
The tender offer will expire April 29. Citigroup Global Markets Inc. is the dealer manager, and the information agent and tender agent is Global Bondholder Services Corp.
Templar Energy LLC made about $11.8 million in interest payments on a tranche of outstanding $1.45 billion second-lien term loan due Nov. 25, 2020. Payments were originally due March 21.
Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are dealer managers, and the information agent and tender agent is D.F. King & Co. Inc.
Denbury said the amendment to its credit facility increased the mortgaged property collateral requirement to 90% from 85% of its proved reserves, Reuters said.
Target Alliance London Ltd. was given warrants to purchase 51,562 common shares at $3.25 each for each $250,000 loaned. Conversion and registration rights were also amended, Lucas said.
Linn said it paid off interest payments of about $60 million that were deferred on March 15, when the company said that bankruptcy might be unavoidable after substantial doubt about its ability to continue as a going concern.
Fellow E&P Energy XXI filed for bankruptcy on April 14, and Chesapeake had spent weeks fending off speculation that it was on its way to a similar fate, Reuters said.
Unregistered 2.45% notes due 2018, 3.30% notes due 2020, 4.50% notes due 2025 and 5.80% notes due 2045 will be exchanged for the same amount of registered notes.
Rice wants to purchase Marcellus and Utica acreage but will have several legal challenges and may have to continue to bid on the assets held by bankrupt Alpha Natural Resources.
Providence said in a statement that it was "in active discussions with its financial advisers and current debt provider with the objective of ensuring that the company has the appropriate financial resources to satisfy its obligations to Transocean."
Regarding finances, Stone was notified on April 13 that the borrowing base under its bank credit agreement was reduced to $300 million from $500 million.