Finance - Debt
Oasis also opened three concurrent consent solicitations concerning amendments to the indentures governing outstanding 7.25% senior notes due 2019, 6.5% notes due 2021 and 6.875% notes due 2023.
As a result of these efficiencies, the company is reducing its 2015 capex by about $30 million less than originally budgeted.
The ABL commitment was reduced from $150 million to $100 million, with an accordion feature to expand up to $175 million. The amendments also enable asset sale initiatives.
Miller Energy was closing in on $165 million in financing in the summer until the lender pulled out, citing an SEC investigation and the involuntary bankruptcy of a subsidiary.
Miller Energy has agreed upon a term sheet with Apollo Investment Corp. and certain affiliates of Highbridge Capital Strategies for a comprehensive financial restructuring.
The buyback expires Nov. 15. The Bank of New York Mellon is the paying agent. Chesapeake will file a tender offer statement with the Securities and Exchange Commission.
Parallel is working with its lenders on alternative arrangements. There can be no assurances that alternative arrangements will be agreed to, the company said.
Denver’s Resolute, battling back debt, could gain $158- to $237 million from the sale of its acreage in the Gardendale area of West Texas, an analyst said.
Bank of America Merrill Lynch Global Research said this month only one-fifth of the 59 oil companies it tracks used more than half of their borrowing bases, Reuters reported.
Bill Barrett improves its liquidity with the deal and also announces plans to reduce capex, idle a rig and enjoy robust oil and gas hedges while still growing production.
The company said the decrease in its capex is a result of reduced drilling times for XRL wells in the Northeast Wattenberg area in the D-J Basin.
Kristian Kos, chairman and CEO, said the company is not currently in a deficiency, but one is expected. Biannual redetermination of the facility is scheduled for early October, he said.