Each one in plain English, with the numbers worked through for a shareholder.
8 Jan 2016substantial holder notice● Neutral
ICS Opportunities, Ltd, Integrated Assets, Ltd, Millennium International Management LP, Millennium International Management GP LLC, Millennium Management LLC, Israel A. Englander reported a Pioneer PE Holding LLC shareholding of 7,221,846 shares (5.30% of votes) in a periodic institutional filing.
On Dec 10, 2015 Parsley completed the sale of about 7,300 net acres in north Martin and south Dawson Counties, Texas (about 500 Boe/d of net production) to ExL Petroleum Management, LLC for about $39.5 million cash. The filing says there were no material prior relationships with the buyer. The pro forma figures show the sale lowers the nine-month 2015 revenue by about $7.2 million and total assets by about $39 million.
Parsley Energy sold 12,911,364 new Class A shares (including the underwriters' option, exercised in full on Dec 10) plus 1,291,136 shares sold by NGP X US Holdings, for about $228.4 million net to the company. The news release gave a price of $18.00 per share. The money is meant partly to pay for a pending purchase of 6,040 gross (5,274 net) acres in Upton, Reagan and Glasscock Counties, Texas ($148.5 million cash per the news release), with the rest for the capital program and general purposes. This follows the September 2015 offering and dilutes existing holders again. The company gets nothing from the NGP sale.
Parsley Energy priced a public offering of 13,000,000 new Class A shares on September 18, 2015, for about $195 million gross and $188.6 million expected net, with a 30-day option for 1,950,000 more. The money is meant to repay revolving credit borrowings and fund part of its capital program, which may include acquisitions. This is another share issuance that dilutes existing holders, following the February 2015 private placement. The filing does not state the per-share price, and the revolver was reported undrawn in April, so borrowings must have been taken since (an inference).
ICS Opportunities, Ltd, Integrated Assets, Ltd, Millennium International Management LP, Millennium International Management GP LLC, Millennium Management LLC, Israel A. Englander disclosed a new substantial Pioneer PE Holding LLC shareholding (5.30% of votes).
Parsley amended its bank credit agreement (eighth amendment, Wells Fargo as agent) on April 21, 2015, setting both lender commitments and the borrowing base at $500 million. Commitments rose from $365 million, while the borrowing base fell from $560.8 million after the April 1 redetermination. The company said it had no borrowings outstanding. The amendment also allows up to $10 million of investment in a joint venture and eases rules on liquidating hedges.
NGP X US Holdings, L.P, NGP X Holdings GP, L.L.C, NGP Natural Resources X, L.P, NGP X Parallel Holdings, L.P, GFW X, L.L.C, G.F.W. Energy X, L.P, NGP Energy Capital Management, L.L.C disclosed a new substantial Pioneer PE Holding LLC shareholding (6.10% of votes).