Finance - Buy Backs
Offer’s fulfillment is conditional on valid tenders and accession of all participating noteholders to ARU’s junior secured term credit agreement, and entry into a subscription agreement regarding the new notes.
Georgeson Inc. is the information agent and American Stock Transfer & Trust Co. LLC is the exchange agent. The offers will expire on Feb. 24.
Eligible holders of outstanding 6.375% senior subordinated notes due 2021, 5.5 notes due 2022 and 4.625% notes due 2023 would have exchanged for new 7.5% notes due May 15, 2022.
The offer will now expire on Jan. 27, and all other terms remain unchanged. The company said that on Jan. 20, about $399 million in unregistered notes had been tendered.
Finance - Debt
The credit facility’s revolver commitment was reduced to $400 million, down from $600 million, to save $1 million in commitment fees annually.
"We are moving ahead with the divestiture program and have already received numerous indications of interest," Howard Thill, Devon's senior vice president for communications and investor relations told Reuters.
The company has a 30-day grace period for negotiations with noteholders, since deferring interest payment on Feb. 1.
The exchange offer’s fulfillment is conditional on entry into a security agreement and intercreditor agreement under which the new notes will be secured by a second-priority lien.
Finance - Equity
Entegra has engineering, R&D and inline inspection tool fabrication resources in Toronto and sales and field operations in Houston and Indianapolis.
Black Mountain currently focuses on the Delaware Basin, but also works in other producing regions. NGP's Natural Resources XI LP natural resources-focused private-equity fund provided the commitment.
Craig Pierrotti, CAM’s CEO, was executive vice president for CH2M’s oil, gas and chemicals. Mitch Stamper was a facilities engineering manager for East Texas and North Louisiana at Anadarko Petroleum.
Produced and flowback water is treated and recycled with proprietary systems, which are designed to cut water-specific operating costs by eliminating wastewater transportation and disposal and freshwater sourcing and transportation.
Finance - Redemptions
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.
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.
Finance - Restructuring
Kent P. Watts, chairman, added that Hydrocarb wants to enhance its current assets and leverage its P5 operator status in Texas.
Vallourec, which gets two-thirds of sales' revenue from the oil and gas sector, has been trying to cut production capacity to cope with the downturn affecting its customers as energy prices fall.
As the chief restructuring officer, Jim Latimer, managing director of Blackhill, will manage RAAM’s operations. Latimer said RAAM should emerge from bankruptcy with more capital available for drilling.
Since August, creditors have filed petitions for involuntary bankruptcy against three energy producers with nearly $2 billion in combined debt, Reuters said. The rare involuntary bankruptcy petitions target smaller companies.