Finance - Buy Backs
The Denver company said it has sufficient cash on hand to fund the purchase price of the notes.
Despite the recent commodity price volatility, the company remains confident in its ability to maintain distributions, CEO says.
The Houston company enacted the program to allow to quickly and efficiently take advantage of any share price volatility in the future.
The offer was funded through proceeds from the parent company’s completed Nov. 14 issuance of $3 billion in senior notes.
Finance - Debt
Net proceeds from the private placement of senior notes, along with revolving credit facility borrowings, will buy back notes due 2020 and 2021. Tender offers for them began March 9.
Net proceeds from the private placement of senior notes are expected to total about $389.3 million, and they will support capex and other general corporate purposes.
Net proceeds are expected to total $793.8 million. They will repay outstanding commercial paper program amounts and support general partnership purposes.
After spending more than $5 billion in the Marcellus and buying assets from Statoil and WPX, the company plans to divest up to $800 million to overcome a cash flow gap.
Finance - Equity
The MLP and its private equity backer Quantum Energy team up for acquisitions in a distressed market, but A&D may not kick into high gear until second-half 2015.
Houston-based Black Stone, which owns domestic oil and natural gas mineral interests, would contribute its mineral, royalty and working interests to an MLP.
The offer of about 3.5 million common shares is scheduled to close March 23.
Finance - Redemptions
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.
The notes will be redeemed on Oct. 23, the company said.
They will be redeemed on June 26, Range said.
Finance - Restructuring
With acreage the Barnett Shale, Delaware Basin and Horn River Basin, the company wants to reorganize and is continuing to pay vendors, maintain payroll.
Operations in the U.S. and Canada will not be interrupted due to the filings, and motions were filed with the court to ensure their continuation.
About $32 million in second-lien financing was also part of the exit financing.
David C. Baggett is managing partner of Opportune LLP, which Endeavour is working with during a financial restructuring, the company said.