Past year: ▼ 32%(10.11 – 29.32 USD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2014debt financing● NeutralMajor
The $900 million of 6.250% senior notes due May 1, 2022 closed on April 25, 2014. They are guaranteed by nine subsidiaries and carry covenants limiting extra debt, dividends, asset sales and similar actions, with interest due each May 1 and November 1 starting November 1, 2014. The company also agreed to register an exchange of the notes for registered ones within about 365 days. This completes the notes offering that was pending.
21 Apr 2014debt financing▲ GoodMajor
The company priced its private sale of $900 million of 6.250% senior unsecured notes due 2022 at par on April 16, 2014, upsized from the $750 million planned earlier, with net proceeds of about $882.7 million. The money is to repay and retire the second lien term loan and for general purposes including capital spending. It also completed the ~$110 million cash purchase of M3 Appalachia Gathering's gas gathering assets in Washington and Greene Counties, Pennsylvania on April 17, 2014, paid from cash on hand (subject to post-closing adjustments).
11 Apr 2014debt financing● NeutralMajor
On April 10, 2014 the company signed a Third Amended and Restated Credit Agreement with Wells Fargo: the company becomes the borrower, the maturity extends to January 29, 2019 from April 25, 2018, and the borrowing base stays at $350.0 million for now. It announced plans for a $750 million private placement of senior unsecured notes due 2022, to repay its second lien term loan and for general corporate purposes. It also gave preliminary first-quarter 2014 figures (205-210 MMcfe/d net production, $89-91 million revenue, unreviewed by auditors) and warned of a material non-cash charge from modified incentive units.
14 Feb 2014material agreement▲ GoodMajor
On February 12, 2014 the company agreed to buy gas gathering assets in Washington and Greene Counties, Pennsylvania from M3 Appalachia Gathering LLC for about $110 million in cash, expected to close in March 2014. The assets are a 28-mile northern system backed by long-term contracts covering about 20,000 acres, plus permits and rights of way for an 18-mile southern line to the Texas Eastern pipeline. It plans to pay from cash on hand or its revolving credit facility.
4 Feb 2014asset acquisition disposition▲ GoodMajor
On January 29, 2014 the company closed its IPO of 50,000,000 shares at $21.00 and completed its corporate reorganisation, leaving 127,523,810 shares outstanding. It also bought Alpha Holdings' 50% of the Marcellus Joint Venture for $300 million ($100 million cash plus 9,523,810 shares), so it now owns that venture's interest outright. The credit facility was amended to raise the maximum commitment to $1.5 billion from $500 million and the borrowing base to $350 million from $200 million, with a lower interest rate. Stockholders and registration rights agreements give major holders (Rice Holdings, NGP, Alpha) board nomination and share-registration rights.
29 Jan 2014asset acquisition disposition▲ GoodMajor
The company (named Rice Energy Inc. in the filing) priced its stock offering on January 23, 2014: 44,000,000 shares at $21.00, of which 30,000,000 were sold by the company and 14,000,000 by selling stockholder NGP Rice Holdings, with Barclays as underwriters' representative. The company expected about $594.5 million in net proceeds, to repay its Marcellus joint venture and its own revolving credit borrowings, make a $100.0 million payment toward the Marcellus joint venture buy-in, and fund part of its capital spending. The underwriters partly exercised their option for 6,000,000 extra shares from the selling stockholder. Related agreements reorganise the pre-IPO entities into the listed company in exchange for common stock, and a 17,500,000-share incentive plan was adopted.
23 Jan 2014listing compliance notice▲ GoodMajor
the New York Stock Exchange certified EQT RE, LLC's securities for listing, clearing them to begin trading.
