CM - Comstock signs $2.5B credit facility at Covey Park closing - August 2019Comstock Resources, Inc. said that it signed a new $2.5 billion revolving credit
facility with 18 banks, concurrent with the completion of its purchase of Covey Park
Energy on July 16. BMO is leading the five-year revolving credit facility. Though the facility
has an initial borrowing base of $1.575 billion, the company elected to set
the committed borrowing base at $1.5 billion. Interest is payable at either
LIBOR plus a spread ranging 175-275 bps or a base rate plus 75-175 bps...
Aug 02, 2019
CS - Perpetual seeks review of guidelines for municipal taxes - June 2019Perpetual Energy Inc. is seeking a judicial review of the previous New Democratic
Party government’s guidelines on how municipal governments assess the values of
linear property, machinery and equipment. The company believes the rules, published
Dec. 13, are unreasonable
and do not reflect actual value,
especially for mature assets.
The review comes a few months after the Supreme Court of Canada ruled that
energy companies must fulfill their environmental end-of-life obligations ahead...
Jun 19, 2019
MI - Energy Transfer raises $700MM via preferred units - April 2019Energy Transfer issued $700 million in preferred units to raise money to pay down
its revolving credit facility and for general partnership purposes. The public offering was
for 28 million of 7.600% Series E fixed-to-floating rate cumulative redeemable perpetual
preferred units at a price of $25.00 per unit, with underwriters holding a 30-day
greenshoe of 4.2 million units.
The offering was by Energy
Transfer Operating LP, formerly Energy
Transfer Partners LP. In October, Energy...
Apr 30, 2019
CM - Jones files Chapter 11 for $1B-plus speedy restructuring - April 18, 2019Jones Energy, Inc. found its way to the US Bankruptcy Court for the Southern District of
Texas with a Chapter 11 petition on April 15 to support a prepackaged restructuring plan that
will turn all its debt into equity. The company said that holders of about 92% of the principal
amount of first lien notes and 83% of the principal amount of its unsecured notes
approved the plan. Jones said it
has an expedited timeline for court
approval of its plan and if approved
on the May 1 deadline,...
Apr 18, 2019
CM - Lilis converts term loan into equity, ups base - March 2019Permian-focused Lilis Energy, Inc.
announced March 5 that it will exchange
its second lien term loan that has about
$133.6 million currently outstanding for
a combination of preferred and
common stock. Concurrent with
the swap, and in line with its
spring redetermination, the company’s
borrowing base under its credit facility will
go up to $125 million.
The balance of the second lien notes
is being exchanged for $60 million in
Series E convertible perpetual preferred
stock with an 8.25%...
Mar 07, 2019
CenterPoint nets $2.8 billion from offering to help buy VectrenCenterPoint Energy, Inc. closed concurrent public offerings on Sept. 27 of 69,633,027 common shares at $27.25 each and 19,550,000 depositary shares at $50 each, including their underwriters' overallotment options. The depositary shares each represent a one-twentieth interest in a share of CenterPoint’s 7% Series B mandatory convertible preferred stock. Both securities trade on the NYSE.The company will use net proceeds from both offerings, amounting to about $1.85 billion for the...
Oct 04, 2018
BP’s $2.0 billion notes sale brings 2018 total to $5.67 billionBP once again returned to the global debt market— its third visit in 2018— to issue its sixth and seventh bonds of the year. This time the supermajor sold $2.0 billion via two tranches of $1.0 billion each of 3.796% Guaranteed Notes due 2025 and 3.937% Guaranteed Notes due 2028, both at 100. BofA Merrill Lynch, Citigroup, Goldman Sachs, HSBC, Mizuho and MUFG were underwriters for the Sept. 18 offerings.BP has raised almost $5.67 billion YTD through a mix of US, Canadian, and...
Sep 27, 2018
People & Companies - April 12, 2018Gulfport Energy Corp. named
Deborah Adams to the company’s board.
Adams was SVP, Health and Safety, Projects
and Procurement, with Phillips 66
from May 2014 until her retirement
in October 2016. Prior to that, she
was President of Transportation for Phillips
66 and ConocoPhillips. In 2005, she served
as general manager and Chief Procurement
Officer for ConocoPhillips. HighPoint Resources. expanded its
board from 6 to 11 members and added the
following new members: Mark Berg, EVP
and...
Apr 12, 2018
People & Companies - March 20, 2018Crew Energy named James Taylor
SVP and COO. Taylor has 20 years of
progressive operational, engineering and
management experience
with both Imperial Oil
and ExxonMobil in
conventional and resource plays across
North America, most recently in the
Duvernay and Montney as Vice President
and Engineering Manager of Exxon
sub. XTO Canada. Whitecap Resources has named
Ken Stickland, one of its independent
directors since 2013, as its new chairman,
replacing the former
chairman,...
Mar 20, 2018
CM - Power & Renewables Briefs - June 26, 2020FirstElement Fuel Inc., a producer of hydrogen for fuel cell electric vehicles, announced on June 16 that it raised $48 million in a financing round with Japanese investors. Mitsui & Co. invested $25 million while $23 million came from the investment arm of the Japan Bank for International Cooperation. The Newport Beach, California-based company has retail hydrogen stations in the state, and sells products under the True Zero brand. Renewable fuels transporter Green Plains Partners...
Jun 26, 2020
CM - News Briefs - August 26, 2019Berry Petroleum Co. filed a $500 million shelf registration Aug. 16 covering common and preferred stock, debt securities and their guarantees. As of Aug. 19, it had 81 million common shares, no preferred, and almost $400 million in debt. Berry’s private investors include Oaktree Capital Management and Western Asset Management Co. Black Ridge Oil & Gas, Inc. announced Aug. 12 the closing of its 2017 blank-check company Black Ridge Acquisition Corp.’s business combination. It opted...
Aug 26, 2019
CS - Finance Briefs - May 29, 2019Granite Oil Corp. announced that
its lenders maintained its $50 million
borrowing base in a recent credit facility
redetermination. The facility consists of
a $45 million revolving demand credit
facility and a $5 million revolving demand
operating facility. Granite, which owns
98% of an aggregate of over 129,000 net
undeveloped acres in the Alberta Bakken,
said it had sufficient liquidity and financial
flexibility to run its business plan. Obsidian Energy engaged Pareto
Securities to...
May 29, 2019
CM - News Briefs - March 28, 2019Brigham Exploration Co, LLC
announced March 18 that its BEXP I, LP
subsidiary closed on equity commitments
from institutional and private investors. The
company did not disclose terms, amounts
or identities of the counterparties in the
deal. It was founded in 2017 by Ben M.
“Bud” Brigham, who is leading Brigham
Minerals towards a possible IPO (PG.1). Diamondback Energy, Inc.
launched an offer March 22 to exchange up
to $750 million aggregate principal amount
of its registered 4.75%...
Mar 28, 2019
CM - Developments & Trends Briefs - December 06, 2018Middle-market mezzanine capital
provider Yukon Partners and Sentinel
Capital Partners teamed up to invest in
Houston-based water and environmental
services firm Apex Companies. Though
the investment sum and terms were
undisclosed, partners from Yukon and
Sentinel both expressed excitement at the
prospect of working with Apex, which offers
comprehensive services to assess, prevent,
and cure environmental issues related to
water, ground, facilities and air quality for
industries that include oil...
Dec 06, 2018
CM - Midstream Briefs - October 04, 2018DCP Midstream, LP priced an
offering of 4.0 million 7.95% Series
C fixed-to-floating rate cumulative
redeemable perpetual preferred units at
$25 each, and granted
underwriters a 600,000-
unit overallotment option. The offering is
expected to close Oct. 4 and DCP expects
net proceeds of about $96.1 million from
the sale to be used for general partnership
purposes, including capex funding and
the repayment of revolver debt. Joint
bookrunners are RBC, Merrill Lynch, JP
Morgan and Wells Fargo....
Oct 04, 2018