22 Dec 2015debt financing▼ BadMajor
Halcón ran a second debt exchange, swapping $289.6 million of unsecured notes for $112.8 million of new 12% second-lien notes due 2022, cutting the revolver's borrowing base to about $827.4 million.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Oct 2015material agreement● Neutral
A twelfth credit-facility amendment reaffirmed the $850 million borrowing base and gave Halcón more flexibility to keep repurchasing or exchanging its unsecured notes.
15 Sept 2015debt financing▼ BadMajor
Halcón closed the debt exchange announced in August, issuing $1.02 billion of new 13% third-lien notes due 2022 to retire $1.57 billion of unsecured notes - a roughly $550 million face-value debt reduction, but one that pushed noteholders into the most senior secured position, underscoring how strained the balance sheet had become.
28 Aug 2015listing compliance notice▼ BadMajor
NYSE warned Halcón its stock (averaging $0.96) had fallen below the $1.00 minimum price for continued listing, giving it six months to recover; the same day Halcón announced privately negotiated exchanges swapping roughly $1.57 billion of unsecured notes for about $1.02 billion of new secured notes to cut debt.
4 May 2015debt financing▼ BadMajor
Halcón raised $700 million of new second-lien secured notes (8.625% due 2020) at par, a step up in structural seniority from its earlier unsecured notes that signals tightening credit conditions even as it brought in roughly $688 million of cash.
24 Apr 2015capital raising announcement▼ BadMajor
Halcón capped off its April 2015 balance-sheet overhaul: it priced a new $700 million offering of 8.625% second-lien notes due 2020 (to repay its revolver and fund operations) and exchanged a further $25.0 million of notes held by Pioneer Investments funds for about 14.8 million shares - bringing the month's total debt-for-equity exchanges to roughly $252 million, a scale of restructuring that would not be enough to avoid Chapter 11 fifteen months later.
23 Apr 2015capital raising announcement▼ BadMajor
J.P. Morgan Securities exchanged $40.0 million of Halcón's 8.875% senior notes due 2021 for about 22.2 million shares, a third exchange in the same program.
16 Apr 2015capital raising announcement▼ BadMajor
Goldman Sachs Asset Management funds exchanged a further $70.7 million of the same 9.75% notes for about 38.8 million shares, continuing the exchange program.
9 Apr 2015capital raising announcement▼ BadMajor
Two Franklin Templeton-advised funds agreed to exchange $116.5 million of Halcón's 9.75% senior notes due 2020 for about 65.5 million new shares (~$1.78/share) - the opening move in a month-long series of debt-for-equity swaps as the company worked to cut its note load ahead of its eventual 2016 bankruptcy.
18 Mar 2015material agreement● Neutral
Halcón set up an at-the-market equity program letting it sell up to $150 million of common stock through BMO, Jefferies and MLV as market conditions allowed.
10 Mar 2015material agreement▼ BadMajor
Halcón amended its $290 million convertible note held by affiliate HALRES LLC, pushing the maturity out three years to 2020 and cutting the conversion price from $4.50 to $2.44 per share as the stock kept falling; the matching warrants were extended and repriced the same way.
25 Feb 2015material agreement▼ Bad
As oil prices slid, a ninth amendment gave Halcón more room on its interest-coverage covenant (holding the minimum at 2.0x through March 2016) rather than raising fresh capacity.
2 Oct 2014material agreement▲ Good
An eighth credit-facility amendment lifted Halcón's borrowing base from $700 million to $1.05 billion and brought in BNP Paribas as a new lender.
27 Mar 2014material agreement● Neutral
A seventh credit-facility amendment raised Halcón's borrowing base to $800 million at the annual spring redetermination and relaxed the minimum interest-coverage ratio through the end of 2014; the filing also belatedly disclosed Charles Cusack's May 2013 appointment as COO.
3 Mar 2014material agreement▲ GoodMajor
Halcon agreed to sell its east Texas Woodbine properties for $450 million to a privately-owned buyer it does not name, effective 1 April and expected to close mid-April 2014. The revolver's borrowing base is expected to fall by $100 million once the sale closes.
20 Dec 2013debt financing● NeutralMajor
Halcón added another $400 million of 9.75% notes due 2020 (topping up the $750 million tranche from 2012) at a premium, again using the roughly $406 million net proceeds to repay revolver borrowings and shrinking the borrowing base by $100 million.
13 Aug 2013debt financing● NeutralMajor
Halcón raised $400 million selling 9.25% senior notes due 2022 at par, using the roughly $392 million net proceeds to pay down its revolver, which cut the facility's borrowing base from $810 million to $710 million.
10 July 2013material agreement● Neutral
Halcón's major shareholders Petro-Hunt Holdings and Pillar Holdings agreed to a 90-day extension (to October 2013) of the deadline for Halcón to register their shares for resale.
17 June 2013material agreement● Neutral
A fifth amendment to the same credit facility let Halcón pay cash dividends on its preferred stock and waived a current-ratio covenant test for the second quarter of 2013.
14 May 2013material agreement● Neutral
Halcón (later renamed Battalion Oil) amended its JPMorgan-led revolving credit facility for the fourth time, easing how its interest-coverage covenant is calculated for the rest of 2013.