Finance - Debt
During forbearance Sabine will limit the sale of its assets, appoint a chief restructuring officer, separate proceeds from collateral under the facility and pay a forbearance fee equal to $500,000.
The offers, set to expire on July 27, are conditional on consents from Rosetta noteholders and the closing of the merger of Rosetta with a new Noble subsidiary.
Cheniere Partners will close credit facilities and issue Bechtel Oil Gas and Chemicals Inc. a notice to proceed on Train 5. Trains 1, 2 were about 90.8% complete May 31.
Only a portion of the Utica and Marcellus pipeline was up for sale, but a premium bid worth hundreds of millions changed CEO Gary Evans’ thinking.
Abu Dhabi National Energy Co., known as Taqa, hired Blackstone Group LP to review its options to pay US$24 billion, people with knowledge of private matter told Bloomberg.
Equity was increased, liquidity was increased and debt was reduced. Outstanding 0.09% senior notes due 2022 were exchanged for new 0.12% second-lien notes due 2020.
If gas is established in the high-pressure Mancos Shale, the value of the total hydrocarbon resource at Kokopelli could be altered, changing the project’s production profile.
CorEnergy offered 11.25 million common shares priced at $6 each for $67.5 million. CorEnergy also priced unsecured convertible senior notes at $100 million. Both offers scheduled to close June 29.
Proceeds will repay outstanding borrowings.
Credit lines are lower, price models are updated frequently on unpredictable oil prices. Lending to oil, gas producers is very risky, Bill Haas at U.S. Office of Controller told Bloomberg.
Both new facilities mature on Sept. 30, 2016, and will support Stack and Woodford gas and oil gathering and processing. Capital One NA led six banks as administrative agent.
The 0.09% notes are due in 2022, and were previously issued in a private placement. They will be exchanged for an identical amount of new, identical registered notes.