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
Petrobras’ new CEO is close to getting auditors to approve financial results. But cash must be generated to pay oil’s largest debt load, while also developing offshore fields, Bloomberg said.
Royal Dutch Shell Plc hired Barclays Plc to arrange a 10 billion pound (US$15 billion) short-term bridge loan for the purchase of BG Group Plc, people told Bloomberg.
Proceeds will support general corporate purposes, development of two new barge terminals at New Matamoras and Mills Hunter facilities, four new Mills Hunter saltwater disposal wells and new 407 trucks.
Net proceeds from the note offering, and some net proceeds from an offering of about 5.2 million common shares closed March 20, will finance redemption of 8.625% notes due 2018.
Finance - Equity
Cheap money is chasing deals, with $8 billion in equity raises keeping companies alive while Shell’s purchase of BG Group has ‘rekindled M&A animal spirits.’
PetroEdge is the fourth iteration of the Houston oil and gas company. Most recently, it acquired, developed, sold Lower Eagle Ford (Maness) acreage position in Brazos and Burleson counties, Texas.
Net proceeds of about $189 million will repay outstanding revolving credit facility borrowings, fund some future capex, and support general capital needs. The offer is scheduled to close April 21.
The money will support acquisition, development and operations of midstream, downstream petrochemical and fuel assets in U.S. and Canada. Next Wave handles NGL toll processing and manufacturing, among other projects.
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
After Shell’s $70 billion deal, ExxonMobil and Chevron are in the hunt with several large U.S. E&Ps. But in the Permian Basin, the bid-ask spread remains too wide for deals.
Shell, already one of the world’s largest oil and gas companies, would strengthen its LNG portfolio and gain access to premier offshore Brazil deepwater oil in a mega-merger.
Connacher Oil & Gas Ltd.’s bid to restructure out of court in Canada was rejected after Credit Suisse sued in New York state court, citing Connacher’s loan default, Bloomberg said.
Endeavor sold $300 million of eight-year senior unsecured debt to refinance its asset-based line of credit, according data compiled by Bloomberg. Energy companies are trying to shore up their finances.