8 May 2015material agreement● Neutral
SM Energy agreed to sell $500 million of new 5.625% Senior Notes due 2025, with proceeds earmarked to tender for its 6.625% Notes due 2019 and pay down its credit facility.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2015debt financing● Neutral
SM Energy filed to register an exchange offer swapping its privately placed 6.125% Senior Notes due 2022 for SEC-registered notes with identical terms.
16 Dec 2014debt financing▲ Good
SM Energy amended its credit agreement to extend its maturity to December 2019, raise lender commitments to $1.5 billion, and lower its borrowing costs.
18 Nov 2014debt financing● Neutral
SM Energy raised $600 million in a private placement of new 6.125% Senior Notes due 2022.
30 July 2014material agreement▲ GoodMajor
SM Energy agreed to buy Bakken-area oil and gas properties near its Gooseneck prospect in North Dakota from Baytex Energy for $330.5 million cash, alongside record quarterly production and earnings.
9 May 2014debt financing● Neutral
The amendment brought the incorporated documents forward -- the first-quarter 2014 report and the April 2014 proxy in place of the 2013 one -- with the terms of the note exchange itself untouched.
17 Apr 2014dividend declaration▲ Good
SM Energy declared a semi-annual cash dividend of $0.05 per share, and announced that activist investor Mercy Investments withdrew a shareholder resolution on climate-change planning ahead of the 2014 annual meeting.
4 Mar 2014debt financing● Neutral
SM Energy filed to register an exchange offer swapping its outstanding 5% Senior Notes due 2024 for SEC-registered notes with identical terms, a routine step required after the notes' original private placement.