15 Sept 2016business combination● Neutral
Silver Run set a record date for the special shareholder meeting to vote on its pending acquisition of Centennial Resource Production, a procedural step toward closing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Aug 2016debt financing● NeutralMajor
Silver Run and the Centennial sellers amended their contribution agreement, resetting the cash consideration structure for the pending Centennial acquisition to about $1.19 billion (plus up to $200 million more under a seller cash election); separately, Silver Run's sponsor extended it a small $300,000 working-capital note to cover expenses until the deal closes.
27 July 2016listing compliance notice▲ GoodMajor
Silver Run formally entered the Agreement to Assign taking on Riverstone affiliate New Centennial's rights to acquire approximately 89% of Centennial Resource Production, converting the previously announced deal into a binding obligation.
22 July 2016business combination▲ GoodMajor
Silver Run agreed to acquire roughly 89% of Centennial Resource Production, an oil and gas company in the core of the Southern Delaware Basin, from NGP-affiliated sellers, backed by an estimated $810 million equity commitment from Riverstone Holdings (which would become Silver Run's largest shareholder, ~51%) plus $200 million from Capital World and Fidelity funds to help pay the cash consideration.
22 July 2016business combination● Neutral
Silver Run filed the transcript of its investor webcast discussing the newly announced Centennial Resource Production acquisition, describing Centennial's roughly 42,500 net Delaware Basin acres and 7,200 boe/d of production.
29 Feb 2016business combination● NeutralMajor
Silver Run Acquisition Corporation, an energy-focused blank-check company, completed a $500 million IPO on NASDAQ, raising capital to pursue a future acquisition or merger in the energy sector.
22 Feb 2016listing compliance notice▲ GoodMajor
Nasdaq certified Permian Resources Corp's securities for listing, clearing them to begin trading.