Finance - Debt
The redemption price will equal 104.063% of the aggregate principal amount of the notes, plus accrued and unpaid interest, if any, to such date.
Resolute will also work on the potential sale of its Reeves County midstream infrastructure assets to chip away at its more than $700 million of outstanding debt.
On Nov.16, there was about $28 million of cash and cash equivalents on hand and $305 in outstanding borrowings under the facility. Offering is scheduled to close Nov. 25.
Gleeson Van Riet, CFO, said that there is more than $450 million in liquidity. Company will fund the 2016 capex program through cash on hand and cash flow from operations.
The deal includes 11 net sections of the Calgary, Alberta company's Duvernay mineral rights in the volatile oil window of its Kaybob Duvernay play.
DXI Energy, formerly Dejour, has operations in Colorado's Piceance Basin and the Peace River Arch region in British Columbia.
PostRock has $76.18 million outstanding on its bank credit facility resulting in a borrowing base deficiency of $37.18 million.
The term loan is unsecured and its other provisions are substantially the same as those in the revolving credit facility. The company also filed a new automatic shelf registration statement.
On Nov. 16, holders of about $624.8 million, or 99%, of the outstanding second-lien notes had tendered them for exchange.
Legacy Reserves LP’s borrowing base under the $1.5 billion secured revolving credit facility was reduced by $50 million to $900 million, the company said Nov. 16.
Of 37 oil and gas producers tracked by Reuters that hold credit lines backed by their reserves, 15 had credit reduced, seven saw an increase and 12 saw no change.