Finance - Debt
The net proceeds will be used to prepay the remaining balance of NII's unsecured term loan, which matures in 2020, and to pay the cost of the capped call transaction. Any remainder will support general corporate purposes.
The bonds, which include notes maturing in Jan. 2019, March 2019, April 2019, Jan. 2020 and March 2020, have almost $10 billion outstanding worth of securities, Reuters reported.
C&J said a new board of directors was appointed Jan. 6, consisting of Chairman Patrick Murray; Stuart Brightman; John Kennedy; Steven Mueller; Michael Roemer; and Michael Zawadzki; in addition to Don Gawick, C&J's president and CEO.
The amendment also provides for a new $15 million commitment from certain of the parent’s shareholders in the form of equity or debt by Dec. 31, 2017.
On Dec. 30, 2016, a portion of the proceeds from the recent $79.4 million equity offering was used to repurchase $21 million of its 12% second-lien notes.
Scotia Capital Inc. is the sole dealer manager and solicitation agent. Kingsdale Shareholder Services is the information agent and Computershare Investor Services Inc. is the depositary.
The $950 million borrowing base only reflects the reserve growth from the company's Midland Basin assets and the recently closed first half of the Silver Hill acquisition.
The Lafayette, La.-based company joins scores of E&Ps that have filed for bankruptcy since oil prices began falling from more than $100 a barrel in 2014.
Antero Resources Corp. (NYSE: AR) said Dec. 7 that it will offer a private placement of $550 million in senior unsecured notes due 2025.
Investors flocked to a new US$5.5 billion bond from Pemex on Dec. 5, the first dollar deal from a Latin American borrower since November 10.
Those who do not sell UWTI during the week of Dec. 5 could be forced to hold the notes for years since they do not officially expire until February 2032, Reuters reported.
CCH will use the net proceeds to prepay a portion of the principal amounts currently outstanding under its credit facilities.