Finance - Buy Backs
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.
Scotia Capital Inc. is the sole dealer manager and solicitation agent. Kingsdale Shareholder Services is the information agent and Computershare Investor Services Inc. is the depositary.
The tenders will be funded through the net proceeds from previously completed asset sales and financing transactions, and will reduce outstanding debt.
The consent solicitation will expire on August 9 and the tender offer will expire on Aug. 23.
Finance - Debt
J.P. Morgan led the facility and was joined by a syndicate of 11 banks, including six new lenders. As of March 31,about $172 million was drawn on the facility.
Ultra Petroleum said April 12 it successfully emerged from Chapter 11 bankruptcy following a $2.98 billion exit financing which paid the Houston-based company's creditors in full.
Bonanza Creek Energy's reorganization plan has received court approval, paving the way for the Denver-based company to exit bankruptcy later this month.
Eagle Ford producer WildHorse Resource said April 5 that its borrowing base increased by $87.5 million, or about 24% compared to fall 2016.
Finance - Equity
Stephen Chazen, former president of Occidental, will lead a new company that hopes to raise more than $600 million for shale gas acquisitions.
California Resources is looking to accelerate the development of its "vast resource basin" in the Golden State with a partnership with Macquarie worth up to $300 million.
Private-equity firms are spotting deals and purchasing large, legacy assets that E&Ps are jettisoning as they look for efficiencies and innovation to turn profits.
NCS Multistage's IPO is priced between $15 and $18 per share and includes a 1.425-million-share greenshoe. Proceeds will be used to repay debt and for general corporate purposes.
Finance - Redemptions
Holly Energy Partners LP and Holly Energy Finance Corp. will redeem all $300 million of their outstanding 6.50% senior notes due 2020, according to a Dec. 2 press release.
Paramount Resources Ltd. will redeem about $286.58 million of outstanding 7.625% senior unsecured notes due 2019 on Dec. 19 of this year, the company said Nov. 17.
Concho also said it recently completed its redemption of the $600 million of 7.0% senior notes due January 2021.
The Bank of New York Mellon Trust Co. NA, the trustee, is notifying all current registered noteholders of the redemption.
Finance - Restructuring
Ultra Petroleum also reported April 3 that the proposed senior secured first-lien RBL term loan was increased to $800 million from $600 million, and that the proposed borrowing base was increased to $1.2 billion from $1 billion.
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.
Saratoga is debt-free with unchanged outstanding shares, the company said.
Samson suspended drilling new wells before filing for bankruptcy, Reuters reported.