14 Feb 2019substantial holder notice● Neutral
TIAA-CREF Investment Management, LLC, Teachers Advisors, LLC reported no remaining RSP Permian, Inc. shareholding in its periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2019substantial holder notice● Neutral
TIAA-CREF Investment Management, LLC, Teachers Advisors, LLC reported no remaining RSP Permian, Inc. shareholding in its periodic institutional filing.
30 July 2018listing compliance notice▼ BadMajor
RSP Permian, Inc. terminated the registration of a class of securities, ending its reporting obligation for them.
19 July 2018listing compliance notice● NeutralMajor
RSP Permian, Inc.'s exchange filed to remove a class of its securities from listing.
19 July 2018securities registration● Neutral
RSP Permian, Inc. amended its automatic shelf registration statement.
19 July 2018business combination● NeutralMajor
Concho completed its acquisition of RSP on July 19, 2018: Merger Sub merged into RSP, which survives as a wholly owned Concho subsidiary, and each RSP share was converted into 0.320 of a Concho share. This closes the merger pending since March 2018. RSP's credit facility was terminated and paid off in full, all its 6.625% 2022 and 5.25% 2025 senior notes were redeemed, the NYSE listing was withdrawn (trading ceased before the open on July 19), and all prior directors left, with Timothy Leach as sole director and new Concho-linked officers. RSP intends to file a Form 15 to suspend its reporting obligations. Steve Gray signed a 12-month non-compete with Concho, which will pay him $425,000.
7 June 2018business combination● NeutralMajor
RSP filed its definitive joint proxy statement with Concho, asking RSP holders at the July 17, 2018 meeting to adopt the merger agreement and to give a non-binding advisory vote on merger-related pay for named executive officers. Each RSP share would convert into 0.320 Concho share, worth about $50.24 at Concho's March 27, 2018 close; the letter gives a figure of about $7.0 billion for the merger consideration at the May 31 price. Both boards unanimously recommend voting for. The Concho holders vote on the same day on issuing the shares.
4 June 2018business combination● Neutral
RSP announced that its special stockholder meeting on the Concho merger will be held July 17, 2018 at 10:00 a.m. Central in Dallas, for holders of record as of June 1, 2018. It sets the date for the vote that the merger requires.
23 May 2018business combination● Neutral
RSP set June 1, 2018 as the record date for the special stockholder meeting to vote on the Concho merger; only holders of record that day can vote. This is a procedural step toward the stockholder approval the merger requires.
21 May 2018debt financing▲ Good
On May 16, 2018, RSP and its lenders (JPMorgan Chase as agent) signed a Second Amendment to the December 2016 credit agreement. Interest margins fall to 125-225 bps (Eurodollar) and 25-125 bps (alternate base rate) while leverage is under 3.0 to 1.0, reverting to the prior 150-250 and 50-150 bps ranges at or above that level; the borrowing base stays at $1.5 billion. This follows the October 2017 amendment that raised the base to $1.5 billion; the filing does not state the drawn amount.
2 May 2018quarterly activities report● Neutral
RSP Permian, Inc. reported quarterly revenue of $276.3 million and net income of $89.6 million for the period ended 2018-03-31.
2 May 2018quarterly activities report● Neutral
RSP Permian, Inc. reported quarterly revenue of $276.3 million and net income of $89.6 million for the period ended 2018-03-31.
30 Apr 2018business combination▲ GoodMajor
The U.S. Federal Trade Commission granted early termination of the antitrust waiting period (Hart-Scott-Rodino) for Concho's planned acquisition of RSP on April 27, 2018, clearing one of the pending conditions. Closing is now expected in the third quarter of 2018 and still needs RSP and Concho stockholder approval and other customary conditions; Concho filed its S-4 on April 20, 2018.
28 Mar 2018business combination● Neutral
RSP and Concho publicly announced the merger signed the day before, with a joint press release and investor presentation. The release values the all-stock deal at about $9.5 billion including RSP's net debt, at 0.320 Concho shares per RSP share, with both boards approving unanimously. It adds no new terms beyond the merger agreement filing.
28 Mar 2018business combination● NeutralMajor
RSP agreed to be acquired by Concho Resources in an all-stock merger: each RSP share converts into 0.320 Concho shares, and RSP becomes a wholly owned subsidiary of Concho. It needs approval from both companies' stockholders, antitrust clearance and other conditions, with an October 31, 2018 end date; a $250 million fee is payable by RSP and $350 million by Concho in specified termination cases. RSP shareholders would end up holding Concho shares rather than RSP shares, if it closes.
27 Feb 2018quarterly activities report● Neutral
RSP Permian, Inc. reported quarterly revenue of $249.0 million and net income of $140.8 million for the period ended 2017-12-31.
16 Feb 2018director interest notice● Neutral
RSP Permian, Inc. Chief Accounting Officer Uma L. Datla received 9,059 shares as part of the equity award.
16 Feb 2018director interest notice● Neutral
RSP Permian, Inc. director Kenneth V Huseman received 5,343 shares as part of the equity award.
16 Feb 2018director interest notice● Neutral
RSP Permian, Inc. director Joseph B Armes received 5,343 shares as part of the equity award.
16 Feb 2018director interest notice● Neutral
RSP Permian, Inc. director Michael K Grimm received 5,343 shares as part of the equity award.
16 Feb 2018director interest notice● Neutral
RSP Permian, Inc. director Michael W. Wallace received 5,343 shares as part of the equity award.
16 Feb 2018director interest notice● Neutral
RSP Permian, Inc. director Matthew S. Ramsey received 5,343 shares as part of the equity award.
14 Feb 2018director interest notice● Neutral
RSP Permian, Inc. E.V.P. of Land & Bus. Dev. Erik B Daugbjerg received 26,081 shares as part of the equity award.
14 Feb 2018director interest notice● Neutral
RSP Permian, Inc. Chief Financial Officer Scott K. Mcneill received 37,588 shares as part of the equity award.
14 Feb 2018director interest notice● Neutral
RSP Permian, Inc. V.P. and General Counsel James E. Mutrie received 25,460 shares as part of the equity award.
14 Feb 2018substantial holder notice● Neutral
TIAA-CREF Investment Management, LLC, Teachers Advisors, LLC reported a RSP Permian, Inc. shareholding of 5,522,496 shares (3.48% of votes) in a periodic institutional filing.
14 Feb 2018director interest notice● Neutral
RSP Permian, Inc. Chief Operating Officer Zane W. Arrott received 34,702 shares as part of the equity award.
14 Feb 2018director interest notice● Neutral
RSP Permian, Inc. Chief Executive Officer Steven D Gray received 86,937 shares as part of the equity award.
14 Feb 2018director interest notice● Neutral
RSP Permian, Inc. E.V.P. Operations William Huck received 31,232 shares as part of the equity award.
14 Feb 2018substantial holder notice● Neutral
TIAA-CREF Investment Management, LLC, Teachers Advisors, LLC reported a RSP Permian, Inc. shareholding of 5,522,496 shares (3.48% of votes) in a periodic institutional filing.