Finance - Debt
Many loans come with a feature where the issuer promises to pay a premium--usually 101--if they call a loan during a specified amount of time, usually six months to a year after the deal inks, Reuters reported.
Oilfield services firm Swiber Holdings, which initially filed for liquidation, gained court approval this month to place itself under judicial management, Reuters reported.
The Jacobucci wells, which are operated by a third-party operator, have been drilled and/or cased and are scheduled for completion in the first quarter of 2017.
The net proceeds will be used to reduce senior secured revolving credit facility borrowings.
Breitburn, based in Los Angeles, filed for Chapter 11 bankruptcy in May, one of more than 100 energy companies that have sought court protection from creditors in the worst energy price crash in a generation.
The 45% rise in the price of oil this year means energy is no longer the 'overwhelmingly deflationary' influence it was as recently as a year ago, the IEA says.
The company added that the financing will not change the terms of the CA$165 million syndicated credit facility.
Chesapeake Energy closed a private placement of $1.25 billion of debt, shoring up capital for debt repayment 10 months after it said it had no plans to file for bankruptcy.
Concho also said it recently completed its redemption of the $600 million of 7.0% senior notes due January 2021.
Global Bondholder Services Corp. is the tender and information agent.
The notes will mature on Oct. 1, 2024, unless redeemed prior to that date. The net proceeds of the offering totaled about $391 million.
The next borrowing base redetermination is scheduled to occur in April 2017.