Finance - Buy Backs
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.
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.
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.
Finance - Debt
Proceeds from an $85 million senior debt facility will refinance existing debt and complete capex projects in mining and processing facilities in the Eagle Ford and Permian Basin.
The company is in the process of obtaining a loan and negotiating to sell noncore assets as well as interest in the North Slope that it acquired in 2014.
In an area where Goodrich spends no capex, the company sold 2,850 boe/d in production in the Eagle Ford but apparently did not receive credit for its undeveloped acreage.
The price of WTI crude is down 18% this month, raising fears that banks will cut lines of credit in this autumn’s next biannual review of asset-based revolvers, Reuters said.
Finance - Equity
Total consideration price was CA$27.6 million. This was based on Powder’s CA$21.7 million estimated working capital surplus and the CA$5.9 million attributed value of Powder’s existing lands, production and reserves.
Texas Gathering gathers, markets and blends about 23,000 barrels per day of crude oil, primarily in the West Texas Permian Basin and Eagle Ford Shale.
The Fort Worth, Texas, company will be able to drill while hunting down more acquisitions—and without taking a major hit to its balance sheet.
ArcLight Energy Partners Fund VI LP closed with $5.575 billion in commitments, exceeding its $4 billion target and initial $5 billion hard cap. The investor relations team managed fundraising.
Finance - Redemptions
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.
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.
Finance - Restructuring
Samson Resources Corp.’s lenders target restructuring deal for $4.15 billion debt. A $110 million interest payment on bonds is due Aug. 15, people with knowledge of private matter told Bloomberg.
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.