18 Dec 2019listing compliance notice▼ BadMajor
Pressburg, LLC 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.
6 Dec 2019listing compliance notice▼ BadMajor
Completed the merger with Citizen Energy: each share of Roan Resources common stock was cancelled and converted into $1.52 cash, and the company became a wholly owned subsidiary of Citizen -- the end of Roan's public existence.
6 Dec 2019listing compliance notice● NeutralMajor
Pressburg, LLC's exchange filed to remove a class of its securities from listing.
6 Dec 2019business combination▼ BadMajor
Converted from Roan Resources, Inc. into a Delaware LLC renamed Pressburg, LLC upon closing the Citizen Energy merger, and Citizen's parent entities took on a new $725 million credit facility to help fund the acquisition -- the final corporate identity this entity would carry, tracing back to Linn Energy's 2006 IPO.
27 Nov 2019business combination● Neutral
Filed its merger proxy statement and disclosed shareholder lawsuits challenging the Citizen Energy acquisition -- standard M&A litigation that did not derail the deal.
30 Oct 2019material agreement▼ Bad
Amended its credit agreement to postpone a scheduled borrowing-base redetermination to January 2020, buying time to close the pending Citizen Energy merger.
1 Oct 2019business combination▼ BadMajor
Agreed to be acquired by its own joint-venture partner, Citizen Energy Operating, for $1.52 per share in cash -- Roan Resources' independent life ending less than a year after its formal spin-off from Linn Energy, as the smaller partner absorbed the company rather than continue funding it.
23 Sept 2019material agreement▼ Bad
Amended its credit agreement to permit disposing of wellbore rights and to segregate the proceeds -- continued covenant maneuvering amid ongoing financial pressure.
28 June 2019capital raising announcement▼ BadMajor
Secured a $100 million term loan commitment from affiliates of its own major shareholders and, in exchange, issued them 1.5 million shares of common stock for a nominal $1,525 total -- a heavily dilutive, insider-funded rescue financing signaling real liquidity stress.
20 June 2019material agreement▼ Bad
Amended its credit agreement again, this time temporarily loosening a current-ratio covenant and raising borrowing costs and mortgage-coverage requirements -- an early sign of financial strain at Roan Resources.
13 Mar 2019material agreement● Neutral
As Roan Resources, Inc., amended its credit agreement to raise the borrowing base to $750 million and make room for up to $350 million of additional debt -- routine credit management in its new corporate form.
8 Nov 2018listing compliance notice▲ GoodMajor
the exchange certified Pressburg, LLC's securities for listing, clearing them to begin trading.
24 Sept 2018asset acquisition disposition● NeutralMajor
Reorganized via merger agreements that converted Linn Energy, Inc. into Roan Resources, Inc., consolidating full ownership of the former Roan Resources joint venture under one public company and granting registration rights to its major holders -- the Linn Energy name and separate corporate identity effectively ended here.
10 Aug 2018asset acquisition disposition● NeutralMajor
Completed the spin-off of Riviera Resources, Inc., distributing to shareholders all pre-spin assets and liabilities except the 50% stake in Roan Resources -- executing the three-way split announced in December 2017 and leaving Linn Energy, Inc. as effectively a Roan Resources holding vehicle.
16 Jan 2018material agreement● Neutral
Agreed to sell producing wells and about 36,000 net acres in the Altamont Bluebell field in Utah for $132.0 million to a buyer the filing does not name.
20 Dec 2017material agreement● Neutral
Agreed to sell producing wells and about 179,000 net developed acres in Texas and Oklahoma for $122.0 million to a buyer the filing does not name, with a 30 March 2018 outside closing date.
14 Dec 2017production update▲ GoodMajor
Announced plans to tender for at least $250 million of its own stock and to split into three standalone companies by mid-2018 -- the culmination of the post-bankruptcy strategy, foreshadowing the 2018 Riviera Resources spin-off and the eventual Roan Resources reorganization.
5 Oct 2017material agreement▲ GoodMajor
Agreed to sell producing wells and acreage in the Washakie Field, Wyoming for $200 million, continuing the post-bankruptcy divestiture program.
7 Sept 2017asset acquisition disposition● NeutralMajor
Closed the Roan Resources joint-venture contribution with Citizen Energy, each partner holding a 50% stake in the new Anadarko Basin-focused company governed by an eight-member board split evenly between them.
9 Aug 2017debt financing▲ Good
Entered a new $500 million senior secured revolving credit facility with Royal Bank of Canada, replacing the post-emergence Wells Fargo facility -- Linn's first post-bankruptcy credit line rebuild.
5 July 2017material agreement● NeutralMajor
Formed Roan Resources LLC, a 50/50 joint venture with Citizen Energy, contributing about 70,000 net Anadarko Basin acres in exchange for half the new company -- Linn's post-bankruptcy pivot toward joint-venture structures rather than outright ownership.
19 June 2017material agreement● Neutral
Signed construction and equipment-supply agreements worth roughly $89 million combined to build the Linn Chisholm Trail gas processing plant in Oklahoma -- a rare capital-investment (rather than divestiture) move during the post-bankruptcy retrenchment.
7 June 2017material agreement▲ Good
Agreed to sell Brea-Olinda Field, California acreage -- the very field Linn first acquired from Blacksand Energy in 2006 -- to Bridge Energy for $100 million plus a $7 million contingent payment, proceeds earmarked for its buyback program.
1 June 2017asset acquisition disposition▲ Good
Agreed to sell Salt Creek Field, Wyoming acreage to Denbury Onshore for $71.5 million, part of the same post-bankruptcy divestiture wave.
30 May 2017material agreement▲ GoodMajor
Agreed to sell San Joaquin Basin, California acreage to Berry Petroleum (now operating independently after the bankruptcy) for $263 million, continuing the post-emergence asset-sale program.
4 May 2017material agreement▲ GoodMajor
As post-bankruptcy Linn Energy, Inc., agreed to sell producing wells and acreage in western Wyoming to Jonah Energy for $581.5 million -- the start of a broad post-emergence divestiture program to reduce debt.
28 Feb 2017listing compliance notice▼ BadMajor
Pressburg, LLC deregistered its securities, ending its obligation to file reports with the SEC.
27 Oct 2016material agreement▼ BadMajor
Entered a First Amended and Restated Restructuring Support Agreement with second-lien and unsecured noteholders, consolidating the plan terms that would ultimately govern Linn's emergence from bankruptcy in early 2017.
18 Oct 2016material agreement▼ Bad
Amended the October restructuring support agreement -- continued fine-tuning of Chapter 11 plan terms with noteholders.
11 Oct 2016material agreement▼ BadMajor
Reached a new restructuring support agreement with a different creditor group -- holders of the 12% second-lien notes and the unsecured notes -- suggesting the original RSA parties and terms were being renegotiated as the case wore on.