6 May 2016listing compliance notice▼ BadMajor
MAGNUM HUNTER RESOURCES CORP 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.
18 Apr 2016material agreement▼ BadMajor
Magnum Hunter's creditors filed a Third Amended Chapter 11 Plan of Reorganization and pushed back the bankruptcy case's confirmation and closing deadlines by about two weeks (confirmation hearing to April 18, consummation to May 3, 2016) - the reorganization process running slightly behind its original schedule but still on track toward emergence from Chapter 11.
2 Mar 2016material agreement● Neutral
Magnum Hunter's creditors filed a First Amended Chapter 11 Plan of Reorganization with the bankruptcy court, refining the restructuring terms first agreed in December 2015 - the reorganization process moving toward a confirmed plan.
20 Jan 2016debt financing▼ Bad
The Bankruptcy Court gave final approval to Magnum Hunter's up-to-$200 million DIP financing, and the company drew a second $100 million tranche - the largest single piece of the bankruptcy financing, keeping operations funded during reorganization.
21 Dec 2015debt financing▼ Bad
The Bankruptcy Court approved Magnum Hunter's debtor-in-possession financing on an interim basis, formalizing the DIP Credit Agreement that would fund the company through Chapter 11.
15 Dec 2015bankruptcy or receivership▼ BadMajor
Magnum Hunter and nineteen subsidiaries filed for Chapter 11 bankruptcy protection in Delaware, having lined up a Restructuring Support Agreement with its second-lien lenders and noteholders and debtor-in-possession financing to fund operations through reorganization - the culmination of two years of asset sales, covenant waivers, an auditor crisis and a failed price-driven credit crunch that began with the 2014-2015 oil price collapse.
2 Dec 2015debt financing▼ Bad
Magnum Hunter drew further on the uncommitted incremental term loan added under the November 2015 refinancing, continuing to lean on its restructured, creditor-controlled credit facility for cash.
30 Nov 2015listing compliance notice● NeutralMajor
MAGNUM HUNTER RESOURCES CORP's exchange filed to remove a class of its securities from listing.
30 Nov 2015listing compliance notice● NeutralMajor
MAGNUM HUNTER RESOURCES CORP's exchange filed to remove a class of its securities from listing.
30 Nov 2015listing compliance notice● NeutralMajor
MAGNUM HUNTER RESOURCES CORP's exchange filed to remove a class of its securities from listing.
30 Nov 2015listing compliance notice● NeutralMajor
MAGNUM HUNTER RESOURCES CORP's exchange filed to remove a class of its securities from listing.
20 Nov 2015debt financing▼ BadMajor
The distress spilled into Magnum Hunter's own captive midstream relationship: Eureka Hunter Pipeline (majority-owned by Morgan Stanley infrastructure funds since 2014) demanded $20.8 million in overdue gas-gathering payments from Triad Hunter and briefly shut in about 40 of Triad's West Virginia wells when the demand wasn't met, before a new letter agreement restored service - Magnum Hunter's cash crunch now threatening its own production.
16 Nov 2015listing compliance notice▼ Bad
Magnum Hunter's senior noteholders formally agreed via a forbearance and indenture amendment to allow the new $70 million refinancing facility - creditors giving covenant room rather than forcing default, but only as a stopgap.
5 Nov 2015debt financing▼ BadMajor
Magnum Hunter converted its revolving bank facility into a restructured term-loan facility held partly by its own senior noteholders and second-lien lenders (now acting as "New First Lien Lenders"), cash-collateralizing $39 million of letters of credit and taking a new $16 million term loan - creditors effectively taking direct control of the capital structure as the company neared default.
4 Sept 2015listing compliance notice▼ BadMajor
Magnum Hunter's common stock fell out of compliance with the NYSE's $1.00 minimum average price rule (30-day average was $0.99) and was tagged with a ".BC" deficiency indicator, with six months to regain compliance - the clearest signal yet, after a year of asset sales and covenant waivers, that the market had priced in serious distress.
28 July 2015material agreement▼ Bad
Magnum Hunter and Morgan Stanley's infrastructure fund extended the deadline for Magnum Hunter to fund its roughly $18.7 million pro-rata share of a March 2015 capital call into Eureka Hunter Holdings, after Morgan Stanley had already put in its $37.8 million share - Magnum Hunter increasingly unable to keep pace with its own midstream subsidiary's capital needs.
16 July 2015debt financing▼ BadMajor
Magnum Hunter's lenders eliminated the $65 million cash-raise requirement, let the company stretch payables from 90 to 180 days, and waived key leverage and current-ratio covenants through the end of 2015 or until it sells its Eureka Hunter stake - a full-blown liquidity crisis now being managed through covenant relief rather than growth financing.
24 June 2015material agreement▼ BadMajor
Facing a lender-imposed requirement to raise $65 million in cash, Magnum Hunter closed the Antero acreage sale for about $33.6 million and had raised roughly $55.6 million total toward the target; its bank lenders extended the deadline to meet the full $65 million to July 10, 2015 - a liquidity squeeze now driving asset sales rather than growth.
29 May 2015material agreement▼ BadMajor
Triad Hunter agreed to sell undeveloped, deep-formation leasehold acreage in Tyler County, West Virginia to Antero Resources - a sign of Magnum Hunter selling down even its core Appalachian acreage, a stark reversal from the aggressive Appalachian buying of 2013-2014, as the 2014-2015 oil price crash squeezed the company's finances.
3 Apr 2015listing compliance notice▼ Bad
MAGNUM HUNTER RESOURCES CORP withdrew a registration statement, abandoning the offering it covered.
24 Nov 2014debt financing▲ Good
Eureka Hunter Pipeline expanded its ABN AMRO-led credit facility from $117 million to $225 million, adding lenders and lowering its interest rate and commitment fee - a sign of continued lender confidence in the midstream business even as parent Magnum Hunter kept restructuring its own balance sheet.
28 Oct 2014debt financing● Neutral
Magnum Hunter refinanced into a Fourth Amended and Restated Credit Agreement with Bank of Montreal on similar terms, but with a much lower starting borrowing base of $50 million (against a $250 million ceiling) - reflecting the company's shrunken, more concentrated asset base after selling off Eagle Ford, Canadian and much of its North Dakota acreage over the prior 18 months.
14 Oct 2014material agreement▲ GoodMajor
Bakken Hunter agreed to sell its remaining non-operated Divide County, North Dakota interests to SM Energy for about $84.8 million cash - the largest of the North Dakota divestitures yet, effectively completing the exit from the Williston Basin position built up in 2012.
9 Oct 2014material agreement▲ GoodMajor
Morgan Stanley Infrastructure's purchase of ArcLight/Ridgeline's Eureka Hunter stake closed, and Magnum Hunter, MSI and Eureka Hunter's other members executed the new LLC agreement governing the pipeline company - completing the swap of Eureka Hunter's outside institutional backer from ArcLight to Morgan Stanley.
6 Oct 2014material agreement▲ Good
Bakken Hunter sold more non-operated North Dakota working interests, this time in Divide County, to Formation Energy affiliate LGFE-BH for about $23.1 million cash - continued shrinking of the North Dakota position acquired in the 2012 Baytex deal.
22 Sept 2014material agreement▲ GoodMajor
Morgan Stanley Infrastructure agreed to buy out ArcLight/Ridgeline's entire preferred and common stake in Eureka Hunter Holdings and separately buy more equity directly from Magnum Hunter - swapping out the pipeline's original 2012 institutional investor for a new one and giving Magnum Hunter more capital for its midstream business.
26 June 2014capital raising announcement● NeutralMajor
Magnum Hunter formally launched its all-stock takeover offer for ASX-listed Ambassador Oil and Gas, offering one Magnum Hunter share for every 23.6 Ambassador shares (implying about $49.7 million total) - an unusual bet on Australian exploration acreage layered on top of an otherwise US-focused, deleveraging strategy.
10 June 2014material agreement● Neutral
Magnum Hunter's bank lenders consented to let it pursue an all-stock takeover bid for Ambassador Oil and Gas, an Australian company, through a new unrestricted foreign subsidiary - a surprising international expansion even as the company kept selling off North American assets in Canada and North Dakota to focus its balance sheet.
30 May 2014capital raising announcement▲ GoodMajor
Magnum Hunter raised $150 million in a private placement of stock and warrants to activist investor Relational Investors, earmarked for accelerating Marcellus/Utica drilling in Ohio and West Virginia, buying more leasehold there, and paying down its revolving credit facility - a large new institutional shareholder brought in as the company doubled down on Appalachia.
16 May 2014asset acquisition disposition● Neutral
Magnum Hunter filed the pro forma financials for the closed Williston Hunter Canada/Steppe Resources sale, bundled with an earlier, smaller sale of Alberta assets to BDJ Energy - paperwork closing out the Canadian divestiture.