31 Jan 2014listing compliance notice▼ BadMajor
Lone Pine Resources Inc. 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.
15 Jan 2014bankruptcy or receivership▼ BadMajor
The CCAA court sanctioned (and a U.S. court recognized) Lone Pine's restructuring plan: all 86.9 million existing common shares were cancelled for nothing, its Senior Notes were exchanged for new equity, and noteholders funded $100-110 million of new preferred equity to repay the existing bank debt in full -- closing out the case with shareholders wiped out and noteholders becoming the new owners.
12 Dec 2013debt financing▼ Bad
Lone Pine amended both its credit agreement and its DIP facility to require new hedging arrangements covering about 75% of production and pushed back the deadline for the CCAA court to sanction its restructuring plan from December 31, 2013 to January 31, 2014 -- the restructuring taking longer than first planned.
30 Oct 2013debt financing▼ BadMajor
Lone Pine secured a Cdn$10 million debtor-in-possession credit facility from its existing lenders (led by JPMorgan) to fund operations during the CCAA proceedings, maturing March 2014, with a covenant requiring it to line up a replacement lender by mid-November.
18 Oct 2013listing compliance notice▼ BadMajor
The NYSE moved to formally delist Lone Pine's stock (effective October 22) after trading had already been suspended in mid-September; the Toronto Stock Exchange halted trading too, pending the CCAA restructuring.
11 Oct 2013listing compliance notice● NeutralMajor
Lone Pine Resources Inc.'s exchange filed to remove a class of its securities from listing.
25 Sept 2013bankruptcy or receivership▼ BadMajor
Lone Pine and its subsidiaries filed for creditor protection under Canada's CCAA (recognized in the U.S. under Chapter 15), having reached a restructuring support agreement with holders of 75% of its 10.375% Senior Notes: existing common stock would be cancelled, the notes converted into new equity, and noteholders would inject $100 million of new capital to repay the roughly Cdn$180 million owed under the bank facility. A Cdn$10 million debtor-in-possession facility and existing cash were expected to fund operations through the restructuring, targeted to close by year-end 2013.
29 July 2013debt financing▼ BadMajor
Lone Pine's lenders raised the maximum debt-to-EBITDA covenant to 5.75x through Q2 2013, after the company disclosed it would otherwise have breached the 4.5x limit -- and warned it likely wouldn't comply even with relief by Q3. It also flagged that missing the upcoming $10.4 million August 15 interest payment on its Senior Notes would trigger default and cross-default on its bank debt, and that it might not be able to continue as a going concern without a restructuring.
19 June 2013listing compliance notice▼ BadMajor
Weeks later, the NYSE issued Lone Pine a second deficiency notice, this time for falling below the $75 million minimum average global market-capitalization threshold; Lone Pine had 45 days to submit a plan to regain compliance.
29 May 2013listing compliance notice▼ BadMajor
The NYSE warned Lone Pine its stock had traded below the $1.00 minimum average price required for continued listing -- the first public sign of serious trouble.
18 Dec 2012asset acquisition disposition▼ BadMajor
Lone Pine closed the Wild River sale to CNRL for net proceeds of $80.6 million, used to pay down its revolver; its bank borrowing base was cut by $50 million to $275 million as a result.
13 Nov 2012material agreement▼ BadMajor
Lone Pine agreed to sell its Wild River, Alberta natural gas properties to Canadian Natural Resources for C$82 million -- an asset sale aimed at cutting debt as gas prices stayed weak.
15 Feb 2012debt financing▼ BadMajor
Lone Pine's Canadian subsidiary sold $200 million of 10.375% Senior Notes due 2017 in a private placement, using the proceeds to pay down its bank revolver; the borrowing base was automatically cut from $425 million to $375 million as a term of the deal -- a high coupon relative to Lone Pine's investment-grade-era debt, reflecting its cost of capital as a newly spun-off company.
6 Feb 2012debt financing● NeutralMajor
Lone Pine amended its credit agreement to allow a planned bond offering and reported 2011 year-end reserves alongside a strategic pivot toward light oil (targeting 35-40% liquids weighting in 2012, up from 21% in 2011) -- growth-phase portfolio repositioning.
10 Nov 2011auditor change● Neutral
Lone Pine switched its auditor from Ernst & Young's U.S. practice to E&Y's Canadian practice -- a purely administrative move reflecting its Calgary headquarters, not a disagreement.
1 June 2011asset acquisition disposition● NeutralMajor
Lone Pine Resources completed its IPO, selling 15 million shares at $13.00 (raising about $178 million net) as it was spun out of Forest Oil Corporation, which retained 82.3% ownership pending a full share distribution to Forest's shareholders; proceeds repaid the roughly $401 million Lone Pine owed Forest in intercompany debt. This is Lone Pine's founding as a standalone public company.
25 May 2011listing compliance notice▲ GoodMajor
the New York Stock Exchange certified Lone Pine Resources Inc.'s securities for listing, clearing them to begin trading.