16 Sept 2016director interest notice● Neutral
Foresight Energy LP director Hermann Daniel S received 17,483 shares as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Sept 2016substantial holder notice● Neutral
Christopher Cline, Donald R. Holcomb, Cline Trust Company LLC, Michael J. Beyer, John Dickinson, Andrew Rimbach, Brian Glasser disclosed a new substantial Foresight Energy LP shareholding (31.00% of votes).
6 Sept 2016capital raising announcement● NeutralMajor
On August 30, 2016 Foresight completed its global restructuring. It exchanged $599.825 million of 7.875% notes (including $105.354 million bought by Reserves in a tender offer) for $349.1 million of second-lien PIK notes due 2021, $299.859 million of exchangeable PIK notes and 516,825 warrants. The exchangeable notes bear 15% PIK interest and mature October 3, 2017; if not repaid in cash or bought (Murray Energy has a purchase right) by then, they convert into 75% of units, a heavy dilution risk for current unitholders. The filing says the restructuring eased the defaults tied to the 2015 change-of-control litigation, which has been dismissed with prejudice. This resolves the exchange, tender and forbearance threads, but the dilution risk remains open. Unitholders keep their units for now (inference: not an ending of their position).
25 Aug 2016material agreement● Neutral
Foresight and the trustee signed a supplemental indenture for the 7.875% Senior Notes, after the required noteholder consents were obtained on August 11, 2016. It removes a no-default condition for discharging the notes, and takes effect immediately before the exchange offer closes. The filing repeats that risks threaten the company's ability to continue as a going concern. This is a technical step in the restructuring, not its completion.
15 Aug 2016director interest notice● Neutral
Foresight Energy LP director Sullivan Brian D received 23,885 shares as part of the equity award.
15 Aug 2016director interest notice● Neutral
Sullivan Brian D became a Foresight Energy LP director and company insider (initial ownership filing).
9 Aug 2016quarterly activities report▼ Bad
Foresight Energy LP reported quarterly revenue of $230.8 million and a net loss of $24.3 million for the period ended 2016-09-30.
9 Aug 2016quarterly activities report▼ Bad
Foresight Energy LP reported quarterly revenue of $230.8 million and a net loss of $24.3 million for the period ended 2016-09-30.
25 July 2016material agreement▼ BadMajor
On July 22, 2016 Foresight signed amended and restated support agreements with noteholders and bank lenders, joined by the Cline Group and Murray Energy. The revised terms: $117.6-120 million of 15% convertible PIK notes (now maturing September 30, 2017), $285.8-291.6 million of second-lien notes, and warrants for 4.5% of units. The PIK notes still convert into 75% of units if not redeemed or purchased. Reserves investors would tender for up to $105.4 million of notes. Lenders get a 0.25% consent fee and a 1.0% amendment fee, and would waive existing defaults once the amendment takes effect. The exchange offer must launch by August 1, 2016. This updates the May terms, with a later PIK maturity and a lower warrant percentage than the 7.5% figure in the earlier plan.
18 July 2016material agreement▼ BadMajor
The July 15 deadline passed without the restructuring closing. The noteholder support agreement's termination date was pushed to August 2, 2016, the lender support agreement to July 22 (extendable to August 5), and forbearance on the notes and the receivables facility to August 2 and August 15, 2016. Murray Energy, Foresight Reserves, Christopher Cline and Cline Development signed on to support the restructuring. The filing repeats that if an out-of-court deal fails, a Chapter 11 filing may be needed, in which unitholders would likely get little or no recovery.
3 June 2016listing compliance notice▼ Bad
Independent director Bennett K. Hatfield died on May 22, 2016, leaving the audit committee with two independent members instead of the three the NYSE requires. The NYSE sent an official notice on June 1, 2016; the owners of the general partner intend to appoint a third independent director to restore compliance. This is a listing-rule deficiency, separate from the restructuring.
23 May 2016material agreement▼ BadMajor
On May 17, 2016 Foresight signed a support agreement with some holders of the 7.875% Senior Notes, meeting the lender-set deadline. Non-affiliated noteholders would exchange notes for $114-120 million of 15% convertible PIK notes (maturing April 7, 2017) and $294-300 million of second-lien notes, plus warrants. If the convertible notes are not redeemed or purchased, they convert into 75% of the partnership's units, which would heavily dilute current unitholders. Foresight Reserves investors would also buy up to $106 million of notes in a tender offer, and the noteholder forbearance was extended to July 15, 2016. The filing says negotiations are not final, other stakeholders have not agreed, and risks threaten the company's ability to continue as a going concern.
10 May 2016quarterly activities report▼ Bad
Foresight Energy LP reported quarterly revenue of $226.0 million and a net loss of $27.8 million for the period ended 2016-06-30.
10 May 2016quarterly activities report▼ Bad
Foresight Energy LP reported quarterly revenue of $226.0 million and a net loss of $27.8 million for the period ended 2016-06-30.
9 May 2016material agreement● Neutral
On May 6, 2016 the bank lenders' support agreement was amended to give Foresight until May 17, 2016 to reach a matching agreement with holders of at least 66.67% of the 7.875% Senior Notes, and the noteholder forbearance was extended to May 17, 2016. This pushes back the deadlines in the April restructuring effort without resolving it; the filing says the extension is meant to allow more talks with noteholders and secured lenders.
18 Apr 2016material agreement▼ BadMajor
On April 18, 2016 Foresight signed a support agreement with some of its bank lenders for a proposed debt restructuring: revolver commitments cut by $75 million (another $25 million on December 31, 2016), interest rates up 1.00%, 50% excess cash sweep, tighter covenants, and waiver of existing defaults. The wider plan proposes swapping the 7.875% Senior Notes for new second-lien notes, including convertible PIK notes that if not redeemed would convert into 75% of the partnership's fully diluted equity, which would heavily dilute existing unitholders if it goes ahead. Noteholders and equityholders are not party to the agreement and key terms are still being negotiated.
18 Mar 2016securities registration● Neutral
Foresight Energy LP amended an already-effective registration statement.
15 Mar 2016quarterly activities report▼ Bad
Foresight Energy LP reported quarterly revenue of $166.1 million and a net loss of $41.7 million for the period ended 2016-03-31.
16 Feb 2016substantial holder notice● Neutral
Christopher Cline, Cline Resource and Development Company reported a Foresight Energy LP shareholding of 20,504,039 shares (31.50% of votes) in a periodic institutional filing.
2 Feb 2016material agreement▼ BadMajor
The filing says events of default have occurred under the receivables facility set up in January 2015, including a missed payment on the January 15, 2016 settlement date. On January 27, 2016 the lenders agreed to hold off on remedies until February 29, 2016, while the facility was permanently cut to $50 million, with borrowing capped at $41 million or less. No acceleration had been declared, and the filing gives no assurance the lenders will keep holding off if other defaults occur.
11 Jan 2016director interest notice● Neutral
Vining Paul H became a Foresight Energy LP director and company insider (initial ownership filing).
5 Jan 2016director interest notice● Neutral
Foresight Energy LP 10%+ owner Accipiter Capital Management, LLC bought 11,778 shares on the open market at $2.89.
5 Jan 2016substantial holder notice● Neutral
ACCIPITER LIFE SCIENCES FUND, LP, CANDENS CAPITAL, LLC, ACCIPITER CAPITAL MANAGEMENT, LLC, GABE HOFFMAN reported a Foresight Energy LP shareholding of 8,413,797 shares (12.90% of votes) in a periodic institutional filing.
30 Dec 2015director interest notice● Neutral
Foresight Energy LP 10%+ owner Accipiter Capital Management, LLC bought 189,591 shares on the open market.
28 Dec 2015director interest notice● Neutral
Foresight Energy LP 10%+ owner Accipiter Capital Management, LLC bought 34,150 shares on the open market.
23 Dec 2015director interest notice● Neutral
Foresight Energy LP 10%+ owner Accipiter Capital Management, LLC bought 24,494 shares on the open market.
17 Dec 2015director interest notice● Neutral
Foresight Energy LP 10%+ owner Accipiter Capital Management, LLC bought 112,715 shares on the open market.
14 Dec 2015director interest notice● Neutral
Foresight Energy LP 10%+ owner Accipiter Capital Management, LLC bought 147,057 shares on the open market.
9 Dec 2015substantial holder notice● Neutral
ACCIPITER LIFE SCIENCES FUND, LP, CANDENS CAPITAL, LLC, ACCIPITER CAPITAL MANAGEMENT, LLC, GABE HOFFMAN reported a Foresight Energy LP shareholding of 7,918,506 shares (12.10% of votes) in a periodic institutional filing.
9 Dec 2015director interest notice● Neutral
Accipiter Capital Management, LLC became a Foresight Energy LP 10%+ owner and company insider (initial ownership filing).