Finance - Debt
Speculative traders trying to gauge OPEC’s commitment to production cuts could leave the markets bruised.
ETP, MPLX and Enbridge complete transactions on the Bakken Pipeline System.
EnerJex also named Louis G. Schott as interim CEO following the resignation of Robert G. Watson Jr., who is leaving the company to pursue other business opportunities.
In September 2016, Samson filed for Chapter 11 to reduce debt and create a capital structure that will pave the way for a 'successful future.'
The refinancing, which amended the terms of the prior facility and increased the commitment from $425 million, also provided a $50 million increase in available cash, eliminated certain negative covenants and provided a maturity date of March 31, 2020.
BofA Merrill Lynch, Deutsche Bank Securities, RBC Capital Markets, TD Securities and Wells Fargo Securities are joint book-running managers.
The company, which provides high-pressure fracking services in the Marcellus and Utica shales, also appointed Joel Broussard as CEO and Nathan Houston as COO.
A debtor-in-possession financing combined with Vanguard's cash from operations is expected to give the Houston-based company sufficient liquidity during the Chapter 11 process.
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.