24 Apr 2020listing compliance notice▼ BadMajor
EP Energy Corp terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 Mar 2020material agreement termination▼ BadMajor
The court said on March 6, 2020 it would confirm the Fourth Amended Plan and entered the confirmation order on March 12. Then on March 18 the company and the supporting noteholders agreed to terminate the Plan Support Agreement and the backstop agreement that underpinned that plan, with no $26 million termination fee payable and the company reimbursing the noteholders' fees and expenses. The noteholders also agreed, through November 25, 2020, not to interfere with a further restructuring that treats their claims no less favorably than similar claims, and the company says it is exploring alternatives. This reverses the October 2019 deal, so the confirmed plan's terms (including the $500,000 for shareholders) are now in doubt; the stipulation needs court approval.
3 Mar 2020securities registration● Neutral
EP Energy Corp amended an already-effective registration statement.
3 Mar 2020securities registration● Neutral
EP Energy Corp amended an already-effective registration statement.
13 Feb 2020substantial holder notice● Neutral
Apollo Investment Fund VII, L.P, Apollo Management VII, L.P, AIF VII Management, LLC, Apollo Management, L.P, Apollo Management GP, LLC, Apollo Management Holdings, L.P, Apollo Management Holdings GP, LLC reported a EP Energy Corp shareholding of 28,845,236 shares (11.30% of votes) in a periodic institutional filing.
27 Nov 2019debt financing● NeutralMajor
On November 25, 2019 the bankruptcy court's order let EP Energy LLC enter a $314,710,456 debtor-in-possession credit agreement with JPMorgan and its existing bank lenders, with a $50 million letter of credit sublimit. It matures at the earliest of November 25, 2020, the effective date of an acceptable plan, or a sale of substantially all of the company, and charges LIBOR plus 3.50% (or base rate plus 2.50%). The DIP lenders also committed to convert into a $629,420,912 exit facility, which continues the funding set out in the October plan support agreement.
12 Nov 2019quarterly activities report▼ Bad
EP Energy Corp reported quarterly revenue of $247.0 million and a net loss of $620.0 million for the period ended 2019-09-30.
12 Nov 2019quarterly activities report▼ Bad
EP Energy Corp reported quarterly revenue of $247.0 million and a net loss of $620.0 million for the period ended 2019-09-30.
21 Oct 2019material agreement▼ BadMajor
On October 18, 2019, the company signed a Plan Support Agreement with noteholders holding about 52.0% of the 8.000% 2024 notes and about 79.3% of the 9.375% 2024 and 8.000% 2025 notes (including Elliott, Apollo, Access and Avenue). It turns the October agreement in principle into a plan: a rights offering of up to $475 million (of which $463 million is backstopped), and a roughly $629 million exit facility. Holders of the 9.375% 2024 and 8.000% 2025 notes would get 99.0% of the new shares, unsecured creditors 1.0%, and existing shareholders only a pro rata share of $500,000 in cash, with all stock diluted by the rights offering and a 10% employee incentive pool. A DIP facility of $314,710,456 was also committed.
4 Oct 2019bankruptcy or receivership▼ BadMajor
On October 3, 2019, EP Energy Corporation, EP Energy LLC and certain subsidiaries filed for Chapter 11 in the Southern District of Texas, the outcome of the forbearance period that ended that day. The filing accelerated all the debt listed: $629 million under the credit facility and senior notes of $1 billion (2026), $500 million (2024 8.000%), $1.092 billion (2024 9.375%), $1 billion (2025), $182 million (2020), $182 million (2022) and $324 million (2023). The company reports an agreement in principle with certain noteholders, subject to definitive documents, and says it will keep operating as debtor-in-possession. The excerpt does not state what equity holders would receive.
23 Sept 2019material agreement● Neutral
On September 18, 2019, the noteholders and bank lenders extended their agreements to hold off on enforcement from September 22 to October 3, 2019 (unless extended again or ended early). This continues the interest-default standoff, with no resolution reported in this filing.
16 Sept 2019material agreement▼ BadMajor
EP Energy did not make the roughly $40.0 million interest payment due August 15, 2019 on its 8.00% senior secured notes due 2025, and said it would not pay within the 30-day grace period, creating an event of default, which also counts as a default under the bank credit agreement. On September 14, 2019, holders of more than 70% of those notes and a majority of the bank lenders agreed to hold off on enforcing remedies until September 22, 2019, with no assurance of extension. The company cites ongoing creditor talks on strategic alternatives.
9 Aug 2019quarterly activities report▼ Bad
EP Energy Corp reported quarterly revenue of $247.0 million and a net loss of $620.0 million for the period ended 2019-09-30.
9 Aug 2019quarterly activities report▼ Bad
EP Energy Corp reported quarterly revenue of $247.0 million and a net loss of $620.0 million for the period ended 2019-09-30.
7 June 2019listing compliance notice● NeutralMajor
EP Energy Corp's exchange filed to remove a class of its securities from listing.
24 May 2019listing compliance notice▼ BadMajor
The NYSE suspended trading in EP Energy's stock on May 23, 2019 and began delisting proceedings, citing abnormally low trading price levels; this follows the January 2019 sub-$1.00 notice. The company expects the stock to trade on the OTC Pink market from May 24, 2019 under the symbol EPEG, a more limited market that may be less liquid. The company says it remains subject to SEC reporting.
9 May 2019quarterly activities report▼ Bad
EP Energy Corp reported quarterly revenue of $256.0 million and a net loss of $50.0 million for the period ended 2019-06-30.
9 May 2019quarterly activities report▼ Bad
EP Energy Corp reported quarterly revenue of $256.0 million and a net loss of $50.0 million for the period ended 2019-06-30.
12 Apr 2019securities registration● Neutral
EP Energy Corp registered a securities offering with the SEC using its shelf eligibility.
15 Mar 2019quarterly activities report▼ Bad
EP Energy Corp reported quarterly revenue of $134.0 million and a net loss of $140.0 million for the period ended 2019-03-31.
15 Mar 2019quarterly activities report▼ Bad
EP Energy Corp reported quarterly revenue of $134.0 million and a net loss of $140.0 million for the period ended 2019-03-31.
13 Feb 2019substantial holder notice● Neutral
Apollo Investment Fund VII, L.P, Apollo Management VII, L.P, AIF VII Management, LLC, Apollo Management, L.P, Apollo Management GP, LLC, Apollo Management Holdings, L.P, Apollo Management Holdings GP, LLC reported a EP Energy Corp shareholding of 28,845,236 shares (11.20% of votes) in a periodic institutional filing.
11 Feb 2019substantial holder notice● Neutral
OR Korea National Oil Corporation reported a EP Energy Corp shareholding of 31,276,726 shares (12.20% of votes) in a periodic institutional filing.
9 Jan 2019listing compliance notice▼ BadMajor
The NYSE told EP Energy on January 3, 2019 that its stock's 30-day average closing price had fallen below the $1.00 minimum. The company has six months to fix this and the stock keeps trading on the NYSE meanwhile; the company says this does not affect operations or default any debt agreements. If not cured, the stock faces suspension and delisting.
8 Nov 2018quarterly activities report▼ Bad
EP Energy Corp reported quarterly revenue of $294.0 million and a net loss of $919.0 million for the period ended 2018-09-30.
7 Nov 2018quarterly activities report▼ Bad
EP Energy Corp reported quarterly revenue of $294.0 million and a net loss of $919.0 million for the period ended 2018-09-30.
9 Aug 2018quarterly activities report▼ Bad
EP Energy Corp reported quarterly revenue of $294.0 million and a net loss of $44.0 million for the period ended 2018-09-30.
9 Aug 2018quarterly activities report▼ Bad
EP Energy Corp reported quarterly revenue of $294.0 million and a net loss of $44.0 million for the period ended 2018-09-30.
24 May 2018debt financing● NeutralMajor
EP Energy extended its bank facility maturity to November 23, 2021, cut total commitments to $629.4 million and tightened the covenants (first lien net debt to EBITDAX no more than 2.25x, current ratio at least 1.00x), with the borrowing base reaffirmed at $1.36 billion. It also issued $1.0 billion of 7.750% senior secured notes due 2026 (interest each May 15 and Nov 15 from Nov 15, 2018), using proceeds to repay bank borrowings, for general corporate purposes and fees. This replaces the May 2019 bank maturity from earlier filings and answers the open question on the 2018 borrowing base redetermination; the filing text provided is truncated, so some terms may be missing.
9 May 2018quarterly activities report▼ Bad
EP Energy Corp reported quarterly revenue of $265.0 million and a net loss of $58.0 million for the period ended 2018-06-30.