Resolute Energy Corp. (NYSE: REN) will withdraw its $550 million in senior notes after a lack of appetite due to “broader market conditions,” the company said Nov. 13.
Resolute said it saw the market as an opportunistic means to refinance its $525 million in senior notes due in 2020. The company concluded that current terms and conditions available in the market weren’t attractive enough for Resolute to move forward. Resolute had intended to refinance its debt by adding about $25 million and pushing its debt due date to 2025.
Resolute’s borrowing base was amended last month and updated earlier this month to reflect the sale of the Aneth Field properties, resulting in a slight reduction in the base to $210 million from $219 million, Capital One Securities said in a Nov. 14 report. “We currently estimate that the company will exit 2017 with about $200 million liquidity including the Aneth sale proceeds,” said analyst Richard Tullis.
Resolute closed the sale of Aneth Field assets to Elk Petroleum on Nov. 6. Resolute will receive up to $195 million, depending on payments linked to commodity prices.
Recommended Reading
Battalion in Compliance with NYSE American after 2023 Meeting
2024-02-13 - Previously, Battalion Oil was not in compliance with the NYSE after failing to hold an annual meeting of stockholders during the fiscal year ending Dec. 31.
JMR Services, A-Plus P&A to Merge Companies
2024-03-05 - The combined organization will operate under JMR Services and aims to become the largest pure-play plug and abandonment company in the nation.
New Fortress Energy Sells Two Power Plants to Puerto Rico
2024-03-18 - New Fortress Energy sold two power plants to the Puerto Rico Electric Power Authority to provide cleaner and lower cost energy to the island.
Tellurian Executive Chairman ‘Encouraged’ by Progress
2024-03-18 - Tellurian announced new personnel assignments as the company continues to recover from a turbulent 2023.
Kissler: OPEC+ Likely to Buoy Crude Prices—At Least Somewhat
2024-03-18 - By keeping its voluntary production cuts, OPEC+ is sending a clear signal that oil prices need to be sustainable for both producers and consumers.