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Forest Oil Corp
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Sabine Transaction Structure Update
| Patrick McDonald | Page 2 of 11 |
April 27, 2024
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"Sabine Transaction Structure Update"
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FOREST OIL CORPORATION Public Shareholders Sabine Oil & Gas LLC (4) • Forest’s existing 7.25% Senior Notes due 2019 • Forest’s existing 7.50% Senior Notes due 2020 • Sabine’s existing 2 nd Lien Term Loan Due 2018 • Sabine’s existing 9.75% Senior Notes due 2017 Public Shareholders Sabine Oil & Gas Holdings LLC FRC & Sabine Management Sabine Oil & Gas Corporation (“SABO”) (formerly New Forest Oil Inc.) Forest Oil Corporation Sabine Oil & Gas Holdings II LLC 4) SOGH II and Sabine O&G will be merged with and into Forest Oil Corporation, with Forest Oil Corporation surviving Forest and Sabine Subsidiaries (7) / Assets • New $1,000 MM Borrowing Base Revolving Credit Facility • $578 MM Forest 2019 Notes (6) • $222 MM Forest 2020 Notes (6) • $650 MM Sabine 2 nd Lien Term Loan • $350 MM Sabine 2017 Notes Forest Oil Corporation (5) Public Shareholders Sabine Oil & Gas Holdings LLC (former holdco of Sabine Oil & Gas LLC) FRC & Sabine Management Sabine Oil & Gas Corporation (“SABO”) (formerly New Forest Oil Inc.) 5) Assumes only existing revolvers are replaced on closing date 6) Change of Control tripped; put right exists; backstop financing commitments are in place for put 7) Guarantors of Forest Oil Corporation debt, subject to certain exceptions Funds MGMT Sabine Investor Holdings LLC Sabine Oil & Gas Holdings LLC Sabine Oil & Gas Holdings II LLC Sabine Oil & Gas LLC Forest Oil Corporation New Forest Oil Inc. Forest Oil Merger Sub Inc. 1) Forest Oil Merger Sub Inc. is merged with and into Forest Oil, with Forest oil surviving as a wholly owned subsidiary of New Forest Oil Inc. 2) Sabine Investor Holdings LLC contributes stock / interests in Sabine Oil & Gas Holdings LLC and related First Reserve holding companies to New Forest Oil Inc. in exchange for shares of New Forest Oil Inc. 3) (1) and (2), together, are intended to qualify as a tax-free incorporation under Section 351 Note: Diagram excludes intermediate First Reserve holding companies. (1) (2) Combination Consolidation Post Closing Date Structure Old Transaction Structure Old Transaction Structure 1