Each one in plain English, with the numbers worked through for a shareholder.
16 May 2018business combination● NeutralMajor
As part of completing its debt-for-equity restructuring, Northern Oil & Gas converted from a Minnesota corporation to a Delaware corporation and registered the new stock and notes going to its noteholders - the legal machinery finalizing the balance-sheet overhaul begun in January 2018.
NORTHERN OIL & GAS, INC. 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).
TRT Holdings, Inc, Cresta Investments, LLC, Cresta Greenwood, LLC, Robert B. Rowling reported a NORTHERN OIL & GAS, INC. shareholding of 12,461,885 shares (18.90% of votes) in a periodic institutional filing.
NORTHERN OIL & GAS, INC. 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).
Northern Oil & Gas lowered the bar for its rescue financing again, cutting the equity it needs to raise to complete the debt exchange from $156 million to $140 million and requiring it all in cash - a sign the original terms were proving hard to hit, even as the company pushed to get the restructuring done by mid-May 2018.
Northern Oil & Gas and its noteholders fine-tuned the terms of the pending debt-for-equity swap, updating the new notes' terms and adding a clause that keeps noteholders and new equity buyers on equal footing on stock lock-ups.
As part of its early-2018 balance-sheet restructuring, Northern Oil and Gas added a further $12 million equity subscription (on top of an existing $40 million commitment), bringing expected proceeds from the restructuring's equity raise to $52 million.
Northern Oil & Gas, working through a debt overhaul after the 2015-2016 oil crash (its 2015-2017 filings show cumulative losses near $1.5 billion), got its term lender TPG to waive a prepayment requirement so it could raise new equity without immediately having to repay debt, as part of a plan to swap $497 million of notes (71% of its outstanding bonds) for stock and new lower-balance notes.