Each one in plain English, with the numbers worked through for a shareholder.
28 May 2015material agreement termination▲ GoodMajor
EP Energy LLC sold $800.0 million of 6.375% senior unsecured notes due 2023 and used part of the proceeds to retire its 6.875% senior secured notes due 2019. Holders tendered $480,758,000 of the 2019 notes, and the company deposited about $281.5 million to redeem and discharge the rest on June 29, 2015 at 103.468%. This swaps the 2019 secured debt for longer-dated unsecured debt due 2023, and the notes carry a registration rights agreement under which interest rises if an exchange offer is not completed on time.
EP Energy Corp shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
EP Energy LLC, the company's operating subsidiary, extended its senior secured bank credit facility (RBL) by two years, from May 24, 2017 to May 24, 2019, with an earlier maturity if more than $25.0 million of its term loans or senior secured notes remain outstanding 180 days before their own maturity dates. The facility's borrowing base was reaffirmed at $2.75 billion, with the next review around November 30, 2015.
EP Energy Corp announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
Riverstone V Everest Holdings, L.P, Riverstone V FT Corp Holdings, L.P, Riverstone Energy Partners V, L.P, Riverstone Energy GP V, LLC disclosed a new substantial EP Energy Corp shareholding (12.80% of votes).
China Investment Corporation, CIC International Co., Ltd, Best Investment Corporation disclosed a new substantial EP Energy Corp shareholding (7.60% of votes).
