Each one in plain English, with the numbers worked through for a shareholder.
27 June 2017capital raising announcement▲ GoodMajor
Bellatrix closed the $34.5 million Strachan asset sale. The borrowing base was reconfirmed at $120 million (unchanged), giving about $105 million of available liquidity before letters of credit, with about $15 million outstanding on the credit facilities and no other debt maturities until 2020 and 2021. The 2017 net capital budget rises $15 million to $120 million (about four more net Spirit River wells, about 13 net wells in the second half), while 2017 production guidance stays at 34,500 boe/d average and 35,500 boe/d exit. This completes the sale announced June 14 and carries out the plan to reinvest less than half the proceeds.
21 Dec 2016capital raising announcement▲ GoodMajor
Bellatrix closed the $80 million Harmattan sale, receiving about $65 million net cash and lending $15 million to the buyer (10% interest, secured by a first lien on the assets sold, 2-year term, at least 50% of the assets' net operating income going to repayment quarterly). Cash went to pay down bank debt. The borrowing base was set at $100 million, giving about $70 million liquidity, with an estimated $30 million drawn at December 31, 2016 and no other debt maturities until 2020 and 2021. This completes the sale announced December 5.
Bellatrix closed the Pembina sale to InPlay, receiving $42 million cash (before adjustments) and 2,171,667 InPlay shares deemed worth $5 million, and repaid the $12.9 million term loan in full. This resolves the Nov 11 term facility deadline and the pending Pembina sale. Credit facilities were renewed at $130 million ($25 million operating plus $105 million syndicated), with maturity extended to October 1, 2017 (further extendable up to three years with lender consent). Bank debt is about $75 million, with about $55 million of available capacity, and no other debt maturities until 2020 and 2021. The share count received differs from the 16,666,666 InPlay shares in the September announcement; the filing does not explain why.
Bellatrix agreed a bought-deal private placement of 8,474,576 flow-through common shares at $1.18, raising $10 million, expected to close around October 27, 2016. The money partly funds drilling and completion spending for the rest of 2016, and Bellatrix must incur at least $10 million of eligible expenses by December 31, 2016. The new shares add to the share count (dilution, inference).
19 July 2016capital raising announcement● NeutralMajor
Bellatrix announced a bought deal for $50 million of 6.75% subordinated convertible debentures (convertible at about $1.62 per share) and 25,000,000 subscription receipts at $1.20, about $30 million, for roughly $80 million in total, up to about $92 million with the over-allotment option. Each receipt becomes one common share only if the Alder Flats plant sale to Keyera closes, otherwise the money is returned. Proceeds will first repay bank debt. New shares and potential conversion dilute existing holders (inference).
5 June 2014capital raising announcement● NeutralMajor
Bellatrix closed a bought deal of 18,170,000 common shares at $9.50 each, raising $172.6 million gross, including the underwriters' full use of the over-allotment option. Net proceeds will temporarily pay down credit facility debt, freeing up borrowing room to be redrawn for capital spending and general purposes, and the 2014 capital budget goes from $440 million to $500 million. The new shares dilute existing holders (inference).
5 Nov 2013capital raising announcement● NeutralMajor
Bellatrix closed its $175 million bought deal on November 5, 2013, selling 21,875,000 common shares at $8.00 each, with an over-allotment option for up to 3,281,250 more shares exercisable for 30 days. Proceeds are to fund the Angle acquisition, part of the Troika JV obligations and general corporate purposes. This resolves the financing left open in the October 15 announcement; the new shares dilute existing holders (inference).
15 Oct 2013capital raising announcement● NeutralMajor
On October 15, 2013 Bellatrix announced three things: a $240 million Ferrier Cardium joint venture with TCA Energy (a vehicle for Seoul-based Troika fund), closing expected by Nov 15, 2013; a $576 million deal to acquire Angle Energy via a plan of arrangement, with Angle holders choosing $3.85 cash or 0.4734 Bellatrix share (cash capped at $69.7 million, so prorated); and a $175 million bought deal financing (details truncated in the filing text). The Troika deal replaces the failed January Ferrier venture. The Angle purchase issues new Bellatrix shares, so existing holders would be diluted (inference), and requires a Bellatrix shareholder vote.
