Finance - Buy Backs
The tenders will be funded through the net proceeds from previously completed asset sales and financing transactions, and will reduce outstanding debt.
The consent solicitation will expire on August 9 and the tender offer will expire on Aug. 23.
Credit Suisse Securities (USA) LLC and Mitsubishi UFJ Securities (USA) Inc. are the lead dealer managers, and D.F. King & Co. Inc. is retained as the tender agent and information agent.
Bill Barrett reduced the principal amount of the nearest term notes by 21% and net debt by 12%, noting that about $6.5million in annual interest will be saved.
Finance - Debt
Under the terms of the amended facility, EPO may borrow up to $1.5 billion, which may be increased by up to $200 million to $1.7 billion.
The notes will pay semiannual interest and will be convertible into cash, common shares or a blend of cash and shares. They will mature on Sept. 15, 2023.
The Radnor, Pa.-based company is focused on maintaining a core position in the Eagle Ford Shale. Currently, Penn Virginia operates 296 active horizontal Eagle Ford wells plus 36 outside-operated wells.
The net proceeds will fund part of the cash consideration for the acquisition of two privately held companies managed by Kimmeridge Energy Management Co. and pay related fees and expenses.
Finance - Equity
The underwriters will likely receive an option to purchase 1.5 million additional units to cover overallotments.
The company, based in Colorado's Denver-Julesburg Basin and backed by private equity firm Yorktown Partners LLC, said it expected to price the offering of 33.3 million shares at between $15 and $18 each.
The company, headquartered in Oklahoma City, plans to focus on the acquisition and development of conventional and unconventional oil and gas properties primarily in the Sooner State.
Encana Corp. also launched an equity offering for $1 billion, raising the possibility of a Montney sale, analyst says.
Finance - Redemptions
The Bank of New York Mellon Trust Co. NA, the trustee, is notifying all current registered noteholders of the redemption.
The units were priced at $25 each, and Enable redeemed about $363 million of notes payable to subsidiary CenterPoint Energy Resources Corp. These notes will mature in 2017.
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.
Finance - Restructuring
Samson suspended drilling new wells before filing for bankruptcy, Reuters reported.
Oilfield services still face bankruptcy threat, but rest of industry relatively in the clear for this year.
In conjunction with its emergence from Chapter 11, Sabine closed on its new senior secured credit facility.
If Sandpiper Pipeline Project is snuffed, supply-and-demand balance in Bakken could arrive sooner, East Daley analysts say.