Finance - Buy Backs


Total Energy Services Will Repurchase Shares

There are about 30.9 million issued and outstanding shares. Total may purchase about 1.5 million shares (5% of the total) between Sept. 30 of this year and Sept. 29, 2016.

Erin Pedigo
Mon, 09/28/2015 - 11:56

Halcón Opens Debt Exchange, Receives NYSE Listing Notice

Jefferies LLC and J.P. Morgan Securities LLC are placement agents for the debt exchanges. The price of Halcón’s common stock has fallen below New York Stock Exchange’s continued listing standard.  

Fri, 08/28/2015 - 11:24

Noble Energy Provides Update On Rosetta Note Exchange

Aggregate principal amounts of Rosetta’s 5.625% notes due 2021, 5.875% notes due 2022, and $500 million of 5.875% notes due 2024 were validly tendered on early consent. 

Tue, 07/14/2015 - 10:51

SM Energy Closes Note Exchange Offer

The exchange offer of $600 million of 6.125% senior notes due 2022 for an identical amount of outstanding, identical notes from a private placement closed July 9.

Mon, 07/13/2015 - 14:42

Finance - Debt


Miller Energy Falls Back, Will Regroup In Bankruptcy

After months of struggle and dashed hopes, E&P Miller Energy Resources Inc. (MILL) said Oct. 1 that it filed for Chapter 11 bankruptcy to reorganize and secure financing.

Miller Energy, based in Houston, entered bankruptcy protection with a pre-negotiated plan it lined up with second lien holders.

The company, which primarily operates in Alaska, has agreed upon a term sheet with Apollo Investment Corp. and affiliates of Highbridge Capital Strategies for a comprehensive financial restructuring. The term sheet includes a proposed reorganization and a debtor-in-possession (DIP) loan facility of up to $20 million.

In its bankruptcy filing, Miller and its subsidiaries listed assets of $392.6 million and liabilities of $336.9 million.

Miller is the latest oil and gas company to file for bankruptcy protection amid a downturn in commodity prices. 

Darren Barbee
Fri, 10/02/2015 - 14:29

Miller Energy Files For Chapter 11, Plans Financial Restructuring

Miller Energy has agreed upon a term sheet with Apollo Investment Corp. and certain affiliates of Highbridge Capital Strategies for a comprehensive financial restructuring.

Emily Moser
Fri, 10/02/2015 - 07:57

Chesapeake Provides Debt Financing Updates

The buyback expires Nov. 15. The Bank of New York Mellon is the paying agent. Chesapeake will file a tender offer statement with the Securities and Exchange Commission.

Erin Pedigo
Thu, 10/01/2015 - 17:10

Parallel Energy Trust’s US$165 Million Credit Facility Not Renewed

Parallel is working with its lenders on alternative arrangements. There can be no assurances that alternative arrangements will be agreed to, the company said.

Erin Pedigo
Thu, 10/01/2015 - 10:14

Finance - Equity


Pearl Energy Investments’ First Fund Closes At $500 Million Hard Cap

The private-equity firm focuses on investments between $25 million and $75 million for upstream, midstream and services sectors. Kirkland & Ellis LLP was the fund formation counsel. 

Erin Pedigo
Thu, 10/01/2015 - 09:39

Concho Resources Opens Common Share Offer

Proceeds will repay all outstanding credit facility borrowings, which were partly used to finance recent acquisitions. J.P. Morgan and Credit Suisse are joint book-running managers.

Erin Pedigo
Wed, 09/30/2015 - 15:32

Torchlight Gains Additional Liquidity From Stock Offering

Proceeds will be used to accelerate the continued development of the Plano, Texas-based company's assets and provide additional liquidity for operations.

Emily Moser
Wed, 09/30/2015 - 08:18

Sanchez’s Eagle Ford Deal Pays Off Again With Midstream Sale

Through a combination of cash, revolver and proceeds for the sale of its midstream assets—acquired from Royal Dutch Shell—Sanchez’s liquidity will shoot to more than $900 million.

Darren Barbee
Tue, 09/29/2015 - 11:16

Finance - Redemptions


Federal Judge: CHK Noteholders Must Get $397.7 Million

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.

Fri, 07/10/2015 - 16:01

Encana Closes Bought Deal Offer

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. 

Mon, 03/16/2015 - 09:56

Dominion Will Redeem 2009 Enhanced Junior Subordinated Notes

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.

Thu, 09/25/2014 - 09:33

Pioneer Energy Services Will Redeem Notes

The notes will be redeemed on Oct. 23, the company said.

Tue, 09/23/2014 - 10:24

Finance - Restructuring


Reeling Samson Resources, Once Worth $7 Billion, Files For Bankruptcy

Samson has arranged a deal with some of its lenders to eliminate debt and provide new equity investment, though owner KKR will lose its stake in the company.

Darren Barbee
Fri, 09/18/2015 - 13:47

Samson Resources Corp. Finalizes Restructuring Plan

Samson engaged Blackstone Advisory Partners as its investment banker and Alvarez & Marsal North America as its restructuring adviser. Samson’s restructuring counsel is Kirkland & Ellis, Reuters said.

Mon, 08/17/2015 - 08:24

TAM International Splits Regional Businesses Through Restructuring

Steven Scott has worked at TAM for 28 years and now heads the Eastern Hemisphere Operations Group.

Ray Frisby is now vice president of Western Hemisphere Operations. 

Thu, 08/13/2015 - 12:12

ERG Companies Cancel 363 Sale Process

The companies’ assets have over time included areas on the U.S. Gulf Coast and in California, the Illinois Basin, Texas and Louisiana, according to ERG Resources LLC’s website.

Thu, 08/13/2015 - 10:33