8 Nov 2024listing compliance notice▼ BadMajor
TELLURIAN INC. /DE/ deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Oct 2024listing compliance notice▼ BadMajor
TELLURIAN INC. /DE/'s securities were notified for removal from listing and registration on its exchange.
9 Oct 2024business combination● NeutralMajor
The Woodside merger closed: every Tellurian common share converted to $1.00 cash and every Series C preferred share to $8.16489 cash, with options and equity awards cashed out on the same terms -- Tellurian's eight-year run as an independent public LNG developer, and its predecessor Magellan Petroleum's decades as a public filer, came to an end.
9 Oct 2024listing compliance notice● NeutralMajor
TELLURIAN INC. /DE/'s exchange filed to remove a class of its securities from listing.
27 Sept 2024business combination● Neutral
Tellurian made a further round of supplemental merger-proxy disclosures responding to shareholder litigation over the Woodside deal, continuing the same pre-closing process as the September filing.
23 Sept 2024business combination● Neutral
As is routine for large public mergers, Tellurian faced shareholder lawsuits challenging the adequacy of its Woodside merger-proxy disclosures and made supplemental disclosures to address them, while maintaining the claims were without merit.
22 July 2024business combination● Neutral
Tellurian issued the public press release announcing the Woodside acquisition agreement, without additional financial terms beyond those in the merger agreement filed the same day.
22 July 2024business combination● NeutralMajor
Tellurian agreed to be acquired by Woodside Energy in an all-cash deal at $1.00 per common share (and $8.16489 per Series C preferred share) -- a fraction of the company's peak valuation, but an exit for a company that had spent years struggling to reach a final investment decision on Driftwood alone.
1 July 2024asset acquisition disposition▼ BadMajor
Tellurian sold its entire upstream Haynesville Shale gas production business in Louisiana to Aethon United for $260 million and used most of the proceeds ($240 million) to fully retire its 10% senior secured notes due 2025 -- effectively abandoning the integrated upstream-plus-LNG strategy built since 2017 in favor of shoring up the balance sheet.
3 May 2024material agreement termination▼ Bad
Tellurian terminated its $500 million T.R. Winston at-the-market facility, saying it no longer expected to use it, while keeping the newer Virtu facility (with about $348.7 million of remaining capacity) in place -- a sign the company was pulling back from the aggressive equity-raising pace of prior years.
18 Mar 2024material agreement● Neutral
Tellurian opened yet another at-the-market equity facility, this time with Virtu Americas, carrying over the roughly $366 million of remaining capacity from its prior T.R. Winston facility.
8 Aug 2023capital raising announcement● NeutralMajor
Tellurian raised $333.3 million in new senior secured and convertible notes specifically to redeem the $333.3 million of 6% convertible notes it had issued in June 2022 -- refinancing its largest existing debt rather than retiring it.
19 July 2023material agreement termination▲ GoodMajor
Tellurian upgraded April's non-binding land sale-leaseback letter of intent into a binding commitment letter with a Blue Owl Real Estate Capital fund, on essentially the same $1.0 billion, 40-year terms.
6 Apr 2023material agreement▲ GoodMajor
Tellurian signed a letter of intent to sell roughly 800 acres of Driftwood LNG's Louisiana land to an institutional investor for $1.0 billion and lease it back for 40 years -- a sale-leaseback structure aimed at raising a large chunk of Driftwood's construction financing without further diluting shareholders.
27 Jan 2023material agreement● Neutral
Tellurian and Gunvor extended a closing-conditions deadline on their LNG offtake agreement by a month, one of several incremental extensions keeping the contract alive while Driftwood's financing remained unresolved.
30 Dec 2022material agreement termination● Neutral
Tellurian replaced its T.R. Winston at-the-market facility with a new one raising the maximum to $500 million, continuing to lean heavily on gradual share sales even as the year's customer defections weighed on the stock.
23 Sept 2022material agreement termination▼ BadMajor
Both Shell and Vitol terminated their LNG offtake agreements with Driftwood LNG -- a second major round of customer defections following TOTAL's 2021 exit, and a serious setback to the project's commercial underpinning even after last year's large capital raise.
13 July 2022material agreement▲ GoodMajor
Tellurian's production subsidiary agreed to buy more Louisiana gas assets -- about 5,000 net acres and 44 producing wells in the Haynesville -- from EnSight for $125 million, continuing to expand its own upstream gas supply for Driftwood.
3 June 2022security holder rights change▲ GoodMajor
Tellurian raised a very large $500 million through senior secured convertible notes (netting about $488.7 million) -- by far its biggest single capital raise, coming as global gas prices spiked following Russia's invasion of Ukraine.
7 Apr 2022material agreement● Neutral
Tellurian doubled the capacity of its T.R. Winston at-the-market equity facility from $200 million to $400 million, signaling it expected to keep raising substantial capital through gradual share sales.
17 Dec 2021debt financing● Neutral
Tellurian opened a new $200 million at-the-market equity facility on the NYSE American with T.R. Winston, replacing its prior Nasdaq-linked facility after the exchange move.
10 Nov 2021listing compliance notice▲ GoodMajor
the exchange certified TELLURIAN INC. /DE/'s securities for listing, clearing them to begin trading.
10 Nov 2021debt financing● NeutralMajor
Tellurian raised $47.1 million through its first public bond offering, $50 million of 8.25% senior notes due 2028 -- a new, higher-cost source of capital as it kept building toward a Driftwood financial close.
1 Nov 2021listing compliance notice▼ BadMajor
TELLURIAN INC. /DE/'s securities were notified for removal from listing and registration on its exchange.
25 Oct 2021listing compliance notice▲ GoodMajor
the exchange certified TELLURIAN INC. /DE/'s securities for listing, clearing them to begin trading.
22 Oct 2021listing compliance notice● Neutral
Tellurian voluntarily moved its stock listing from Nasdaq to the NYSE American exchange, a change unrelated to any compliance failure.
6 Aug 2021material agreement▲ GoodMajor
Weeks after TOTAL's exit, Tellurian raised $100.7 million in a public stock offering (35 million shares at $3.00) -- the stock had recovered well above its COVID-era lows even as the company scrambled to replace TOTAL's financing.
29 July 2021material agreement▲ GoodMajor
Driftwood LNG signed two more 10-year LNG offtake agreements, both with Shell, adding roughly 156.5 billion Btu/year combined to the customer book being rebuilt after the Gunvor and Vitol deals -- all still conditional on Driftwood reaching full construction notice-to-proceed and securing project financing.
12 July 2021material agreement termination▼ BadMajor
TOTAL walked away entirely: it terminated both its 2019 $200 million common stock purchase agreement and its $500 million Driftwood Holdings equity commitment, along with the associated LNG offtake agreement -- ending Tellurian's five-year relationship with its largest and most important strategic partner.
3 June 2021material agreement▲ GoodMajor
Driftwood LNG signed a second 10-year offtake agreement, this one with trading house Vitol for the same roughly 156.5 billion Btu/year, on the same financing-contingent terms as the Gunvor deal.