Each one in plain English, with the numbers worked through for a shareholder.
13 Oct 2015substantial holder notice● Neutral
Montierra Minerals & Production, L.P, Montierra Management LLC, Natural Gas Partners VII, L.P, Natural Gas Partners VIII, L.P, NGP Income Management L.L.C, Eagle Rock Holdings NGP, ERH NGP, NGP Income Co-Investment Opportunities Fund II, L.P, NGP Energy Capital Management, L.L.C disclosed a new substantial Grizzly Energy, LLC shareholding (7.54% of votes).
8 Oct 2015asset acquisition disposition● NeutralMajor
Completed the Eagle Rock Energy Partners merger just three days after closing LRR Energy - two roll-up acquisitions finished in the same week, right as low oil prices were starting to strain its balance sheet.
Grizzly Energy, LLC 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).
Had its credit facility borrowing base cut from $2.0 billion to $1.6 billion and its debt-to-EBITDA covenant tightened for coming years - the first clear sign the 2014-15 oil price collapse was constraining the balance sheet it had built through years of acquisitions.
One month after agreeing to buy LRR Energy, announced a second roll-up - acquiring Eagle Rock Energy Partners for common units valued at about $614 million including assumed debt, at a 0.185 exchange ratio.
Filed the full LRR Energy merger agreement: each LRR unit converts into 0.550 Vanguard units, structured as a unit-for-unit roll-up rather than a cash deal.
Announced a deal to acquire LRR Energy (Lime Rock Resources' public MLP) for common units valued at about $539 million including assumed debt - the first of two roll-up mergers announced within a month, even as low oil prices squeezed the sector.
Grizzly Energy, LLC 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).