Finance - Debt
The credit facility’s revolver commitment was reduced to $400 million, down from $600 million, to save $1 million in commitment fees annually.
"We are moving ahead with the divestiture program and have already received numerous indications of interest," Howard Thill, Devon's senior vice president for communications and investor relations told Reuters.
The company has a 30-day grace period for negotiations with noteholders, since deferring interest payment on Feb. 1.
The exchange offer’s fulfillment is conditional on entry into a security agreement and intercreditor agreement under which the new notes will be secured by a second-priority lien.
Offer’s fulfillment is conditional on valid tenders and accession of all participating noteholders to ARU’s junior secured term credit agreement, and entry into a subscription agreement regarding the new notes.
Linn Energy retained Lazard as its financial adviser and Kirkland & Ellis LLP as legal adviser. Baker Botts LLP will provide ongoing corporate and finance representation, Reuters said.
The offer is scheduled to expire on March 3. The early tender deadline is Feb. 17. The settlement date is scheduled for March 3.
Combined with open market debt repurchasing, Comstock has reduced long-term debt by $169.5 million since April 2015, saving a total of $15 million in annual interest.
Greenfields said that after it implements a refinancing and restructuring program, it will return to growing the value of the Bahar project in Azerbaijan.
The company, which has hired Jefferies LLC to help with a potential restructuring, said it had sufficient liquidity to make the interest payment in full.
At closing, expected in the first quarter of 2016, the gathering system will consist of more than 220 miles of oil, gas and water gathering lines installed in conjunction with WPX’s drilling in the Gallup oil play.