Finance - Buy Backs
Georgeson Inc. is the information agent and American Stock Transfer & Trust Co. LLC is the exchange agent. The offers will expire on Feb. 24.
Eligible holders of outstanding 6.375% senior subordinated notes due 2021, 5.5 notes due 2022 and 4.625% notes due 2023 would have exchanged for new 7.5% notes due May 15, 2022.
The offer will now expire on Jan. 27, and all other terms remain unchanged. The company said that on Jan. 20, about $399 million in unregistered notes had been tendered.
The exchange offer for 9.25% senior notes due 2023 will expire on Feb. 11, unless extended, Jones said. Wells Fargo Bank NA is the exchange agent.
Finance - Debt
Linn Energy retained Lazard as its financial adviser and Kirkland & Ellis LLP as legal adviser. Baker Botts LLP will provide ongoing corporate and finance representation, Reuters said.
The offer is scheduled to expire on March 3. The early tender deadline is Feb. 17. The settlement date is scheduled for March 3.
Combined with open market debt repurchasing, Comstock has reduced long-term debt by $169.5 million since April 2015, saving a total of $15 million in annual interest.
Finance - Equity
No fractional shares will be issued with the stock split. Computershare Investor Services is the transfer agent. The stock split became effective after Feb. 4’s market close.
Greg Wachel and Henri deLaunay, formerly of Hilcorp Energy Co., lead the company. They have 30 years’ combined experience in acquiring and managing oil and natural gas fields.
Net proceeds will strengthen the balance sheet and support general corporate purposes including long-term capital and the cost of capped-call transactions. Goldman Sachs & Co. is book-running manager.
PCORE II develops core unconventional oil in North America and is led by Mark Hiduke, David Hall, Colin O’Farrell and Billy Hannes. Previously, they led PCORE Exploration & Production LLC.
Finance - Redemptions
The redemption represents a $50 million liquidation preference, and the redemption date is Jan. 8, 2016. The credit facilities funded the total price with Computershare, the paying agent and transfer agent, on Dec. 8.
A Manhattan federal judge ruled Chesapeake must pay bondholders an additional $379.7 million, after an appeals court ruled a series of senior notes was improperly redeemed at par, Bloomberg said.
On April 6, the proceeds will redeem US$700 million in long-term debt that matures in 2017 and CA$750 million in long-term debt that matures in 2018.
The redemption price will be 100% of the principal amount, plus accrued and unpaid interest to, but not including, the redemption date of $0.17 per $25.
Finance - Restructuring
Kent P. Watts, chairman, added that Hydrocarb wants to enhance its current assets and leverage its P5 operator status in Texas.
Vallourec, which gets two-thirds of sales' revenue from the oil and gas sector, has been trying to cut production capacity to cope with the downturn affecting its customers as energy prices fall.
As the chief restructuring officer, Jim Latimer, managing director of Blackhill, will manage RAAM’s operations. Latimer said RAAM should emerge from bankruptcy with more capital available for drilling.
Since August, creditors have filed petitions for involuntary bankruptcy against three energy producers with nearly $2 billion in combined debt, Reuters said. The rare involuntary bankruptcy petitions target smaller companies.