Past year: ▼ 89%(0.80c – 7.50c USD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Jan 2017capital raising announcement● NeutralMajor
Sanchez bet the company: it agreed to buy Anadarko's Comanche Eagle Ford assets - 318,000 gross acres - for $2.275 billion, splitting the cost 50/50 with a Blackstone vehicle and paying its own half partly through an unrestricted subsidiary deliberately placed outside its bond covenants. A deal five times the size of Catarina, done by a company whose borrowing base had just been cut to $350 million.
30 May 2014capital raising announcement● Neutral
A third round of preferred-for-common exchanges across both series, on the same pattern: dividends waived, common shares issued.
14 Feb 2014capital raising announcement● Neutral
More of the same the next day: holders of both preferred series exchanged into common, again waiving accrued dividends. Each swap removes a dividend obligation and adds to the common share count.
13 Feb 2014capital raising announcement● Neutral
A preferred holder swapped 400,000 Series B shares for 1.07 million common shares, giving up accrued dividends. Sanchez is quietly converting its preferred obligations into common stock while the share price is high.
13 Aug 2013capital raising announcement● NeutralMajor
Sanchez agreed to buy into the Tuscaloosa Marine Shale alongside its own affiliate, Sanchez Resources - about 40,000 net acres for cash, stock and a three-well drilling carry, ending with half of a 115,000-acre area of mutual interest. A related-party entry into an unproven play, and the only significant move Sanchez ever made outside the Eagle Ford.
21 Mar 2013capital raising announcement● NeutralMajor
Sanchez's lenders agreed to let it issue more preferred stock, and it placed a second series paying 6.5% to help fund a newly announced Eagle Ford acquisition. The preferred stack is being used as the acquisition currency, and the dividend rate has risen from 4.875% to 6.5% in six months.
18 Sept 2012capital raising announcement▲ GoodMajor
Sanchez raised $150 million selling 3 million convertible preferred shares paying 4.875%. Cheaper than debt and it does not count against the credit facility - the first layer of what became a large preferred stack.
