Past year: ▼ 100%(0.37c – 1.54 USD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Feb 2019capital raising announcement● Neutral
More debt-for-stock swaps: 701,754 shares for $2.0 million of the 8% convertible notes due 2023 (Feb 12, 2019) and 410,757 shares for $1.25 million of 2021 notes (Feb 14, 2019). This is the first time the new convertible notes themselves were swapped for stock, continuing the program.
25 Jan 2019capital raising announcement● Neutral
Two more debt-for-stock swaps of 2021 notes: 1,000,000 shares for $2.6 million (Dec 17, 2018) and 182,610 shares for $0.5 million (Jan 24, 2019). Another small step in the ongoing exchange program, adding shares.
10 Dec 2018capital raising announcement● Neutral
The company continued swapping debt for stock: 1,000,000 shares for $3.1 million of 2020 notes (Nov 21, 2018) and 1,000,000 shares for $2.7 million of 2021 notes (Dec 5, 2018). This extends the September exchanges, trimming debt a little and adding shares for existing shareholders to share the company with.
21 Sept 2018capital raising announcement● NeutralMajor
With the conversion into a corporation apparently done (the filing is by Legacy Reserves Inc.), the company swapped $21.004 million of 2020 notes and $109 million of 2021 notes for new 8% convertible notes due 2023, plus 105,020 shares for the 2020 note holders. The new notes convert at $6.00 a share, so they could add shares later, and holders converting early get a cash payment ($80 per $1,000 through Nov 30, 2018). Lenders on the revolving credit facility and term loan also agreed to amendments allowing senior notes to be redeemed with refinancing debt, equity sale proceeds or equity exchanges.
