Past year: ▲ 1326%(23.0c – 10.88 USD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Oct 2011debt financing▲ GoodMajor
Bill Barrett amended its bank credit facility: commitments rise to $900 million (up to $1.75 billion possible, subject to conditions), the borrowing base rises to $1.1 billion, and maturity is extended to October 31, 2016. This delivers the larger borrowing base and longer term the company said in September 2011 it would seek. Margins fall, and the amendment permits cash dividends subject to conditions. Nothing was drawn as of October 18, 2011.
27 Sept 2011debt financing● NeutralMajor
Bill Barrett closed the $400 million 7 5/8% Senior Notes due October 1, 2019, which rank equally with its 5% convertible notes and 9.875% notes due 2016. Its credit facility borrowing base was reduced to $700 million (a 25% adjustment, $100 million, for the new notes), and the company says it intends to seek higher commitments and borrowing base and may seek to extend the facility.
23 Sept 2011debt financing● NeutralMajor
Bill Barrett priced a $400 million offering of 7 5/8% Senior Notes due 2019 at par, upsized from the $300 million first announced. Proceeds are intended to repay revolving credit facility borrowings and for general corporate purposes; closing is expected September 27, 2011.
17 Mar 2010debt financing▲ GoodMajor
Bill Barrett replaced its credit facility with a Third Amended and Restated Credit Agreement: $700 million of commitments (expandable to $1.0 billion), an $800 million initial borrowing base and maturity on April 1, 2014. It is secured by at least 80% of proved reserves value and a pledge of subsidiary stock, and nothing was drawn as of March 16, 2010, so this replaces the earlier $600 million facility.
8 July 2009debt financing● NeutralMajor
Bill Barrett closed the $250 million 9.875% Senior Notes due July 15, 2016, guaranteed by its subsidiaries; the subsidiaries also became guarantors of the existing 5% Convertible Senior Notes due 2028. The credit facility borrowing base was cut from $600 million to $537.5 million, a 25% adjustment for the new notes ($62.5 million), as the filing describes.
30 June 2009debt financing● NeutralMajor
Bill Barrett signed an underwriting agreement to sell $250 million of 9.875% Senior Notes due 2016, upsized from the $200 million first announced. It plans to use the proceeds to repay its revolving credit facility, which funded the recent Piceance acreage purchase among other things (inference on the link); closing is set for July 8, 2009.
16 June 2009material agreement▲ GoodMajor
Bill Barrett bought a 90% working interest in about 40,300 undeveloped acres of the former Naval Oil Shale Reserve #1 in Colorado's Piceance Basin for $60 million, paid by drawing on its credit facility, leaving $294 million available. The company says it expects the deal to add more than 2 Tcfe of probable and possible resources and hopes to begin development as early as next year; these are management expectations, and it also says some hurdles remain.
16 Apr 2009debt financing● Neutral
Bill Barrett amended its bank credit agreement (JPMorgan Chase is administrative agent), raising the interest margins to 1.75%-2.50% over LIBOR and 0.75%-1.50% over the alternate base rate. The $600.0 million borrowing base was confirmed, with $266.0 million drawn as of April 15, 2009, and the company says it is in compliance with its financial covenants.
