Finance - Debt
Second-priority liens on Halcón's and subsidiary guarantors' assets secure the credit facility, and will also secure the notes. Net proceeds will repay some outstanding borrowings and support general corporate purposes.
U.S. oil and gas companies bought insurance against low oil prices. Now, several Canadian banks need to pay at least US$478 million of US$26 billion to those companies, Bloomberg said.
It stands at $1.7 million after the semiannual redetermination.
Petrobras’ new CEO is close to getting auditors to approve financial results. But cash must be generated to pay oil’s largest debt load, while also developing offshore fields, Bloomberg said.
Royal Dutch Shell Plc hired Barclays Plc to arrange a 10 billion pound (US$15 billion) short-term bridge loan for the purchase of BG Group Plc, people told Bloomberg.
Proceeds will support general corporate purposes, development of two new barge terminals at New Matamoras and Mills Hunter facilities, four new Mills Hunter saltwater disposal wells and new 407 trucks.
Net proceeds from the note offering, and some net proceeds from an offering of about 5.2 million common shares closed March 20, will finance redemption of 8.625% notes due 2018.
Murray Energy Corp. will acquire 34% of Foresight Energy LP parent unit voting rights during $1.37 billion takeover, Bloomberg said. Without voting control, Murray won’t buy $600 million Foresight bonds.
Barry Kupferberg’s Trilogy Capital Management hedge fund is one of many creditors seeking to take over financially struggling Connacher Oil & Gas Ltd., Bloomberg said.
Eagle Rock had about $180 million in total liquidity, comprised of about $108 million under its credit facility and about 3.1 million Regency units valued at $72 million.
Connacher Oil & Gas Ltd.’s bid to restructure out of court in Canada was rejected after Credit Suisse sued in New York state court, citing Connacher’s loan default, Bloomberg said.