Finance - Buy Backs
The 0.09% notes are due in 2022, and were previously issued in a private placement. They will be exchanged for an identical amount of new, identical registered notes.
The outstanding registered 6.125% registered notes will be exchanged for identical notes issued on Nov. 17, 2014 in a private placement. The exchange offer is scheduled to close July 9.
The 6.25% senior notes are due 2023 and will be exchanged for new, registered but otherwise identical notes. The exchange offer is scheduled to expire on July 1, unless extended.
The buyback has no fixed expiration. Payments will support working capital. Robert Herlin, CEO, said the company’s planned 2016 cash flow will support NGL plant in Louisiana’s Delhi Field.
Finance - Debt
During forbearance Sabine will limit the sale of its assets, appoint a chief restructuring officer, separate proceeds from collateral under the facility and pay a forbearance fee equal to $500,000.
The offers, set to expire on July 27, are conditional on consents from Rosetta noteholders and the closing of the merger of Rosetta with a new Noble subsidiary.
Cheniere Partners will close credit facilities and issue Bechtel Oil Gas and Chemicals Inc. a notice to proceed on Train 5. Trains 1, 2 were about 90.8% complete May 31.
Only a portion of the Utica and Marcellus pipeline was up for sale, but a premium bid worth hundreds of millions changed CEO Gary Evans’ thinking.
Finance - Equity
Capital access separates the haves from the have-nots.
Equity was increased, liquidity was increased and debt was reduced. Outstanding 0.09% senior notes due 2022 were exchanged for new 0.12% second-lien notes due 2020.
Freeport-McMoran Oil & Gas Inc. controls millions of acres in Texas, California, Louisiana and Africa, but low oil prices have stifled investment and will hurt growth.
CorEnergy offered 11.25 million common shares priced at $6 each for $67.5 million. CorEnergy also priced unsecured convertible senior notes at $100 million. Both offers scheduled to close June 29.
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
Chairman and CEO Thomas F. Cooke said the company hopes the Chapter 11 filing will “avert adverse action by Harvest Operating” which holds a $3.7 million arbitration award against Saratoga.
The restructuring support agreement requires Houston-based Hercules to file for bankruptcy by July 8.
Cerberus Capital Management LP leads lenders seeking control of KKR & Co.-owned Samson Resources Co. in a restructuring, Bloomberg was told by two people with knowledge of private matter.
Connacher doesn’t have to immediately pay US$128 million loan. Small oil sands developers including Connacher fight for survival with crude trading at just over half its value from June.