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
Resolute Energy is offering $125 million of its 2020 notes. The company said it plans to use the proceeds to finance its acquisition of Delaware Basin properties in Reeves County, Texas.
Memorial Production Partners LP said May 4 it successfully completed its financial restructuring, emerging from Chapter 11 as a new corporation named Amplify Energy Corp.
Tom Stabley, president and CEO, said the transaction supports Rex Energy's two-year development plan in the Appalachian Basin.
Lilis Energy plans to use the capital to build on the momentum of assembling a 10,000-net acre position in the core of the Delaware.
Finance - Equity
New unit is expected to grow Oasis midstream business.
Kinder Morgan said April 24 its Canadian unit filed a prospectus for an IPO of restricted voting shares, to help finance its C$7.4 billion (US$5.48 billion) Trans Mountain expansion project.
Deals in 2016 by Covey Park, the largest acreage holder in the Haynesville/Bossier shales, have fueled speculation that it might explore an IPO.
The company will be listed on the New York Stock Exchange as AMGP.
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.