Finance - Debt
Lime Rock’s $1.8 billion “stalking horse” offer tops a $1.6 billion enterprise valuation by Breitburn’s investment bank.
Diamondback said it plans to use all of the net proceeds from the tack-on offering to repay a portion of the outstanding borrowings under its revolving credit facility, which totalled $235 million as of Sept. 30.
Extraction said proceeds will partially be used to fund a tender offer of its $550 million outstanding 2021 notes. Any remaining proceeds will go toward the D-J Basin-focused company's general corporate purposes.
In the past three years, the exit strategy of choice for bankrupt companies—trading equity for debt—may have led some E&Ps back to distress as they work to pay remaining debt and sacrifice capex.
Legacy Reserves LP (NASDAQ: LGCY) entered into additional transactions to reduce its total indebtedness and increase its financial flexibility, the company said on Jan. 5.
Part II of our outlook for oil and gas in 2018 features five experts discussing industry trends and challenges for the year ahead.
Part I of our outlook for oil and gas in 2018 features five experts discussing industry surprises in 2017 and investing opportunities for the new year.
Whiting Petroleum Corp. (NYSE: WLL) said on Dec. 27 it completed its offering of $1 billion aggregate principal amount of 6.625% senior notes due 2026.
Covey Park Energy LLC and Covey Park Finance Corp. have priced a private offering of an additional $175 million in aggregate principal amount of their 7.50% senior notes due 2025 at 104.25% of principal amount plus accrued interest, the company said on Dec. 7.
Earthstone Energy Inc. (NYSE: ESTE) has increased its borrowing base under its senior secured revolving credit facility from $150 million to $185 million in, the company said on Dec. 4.
Continental Resources Inc. (NYSE: CLR) said on Dec. 4 it intends to offer a series of senior notes due 2028 in a private placement to eligible purchasers.