Past year: ▼ 24%(90.0c – 1.50 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 May 2021material agreement▲ GoodMajor
Driftwood LNG signed a 10-year LNG sale and purchase agreement with commodities trader Gunvor for about 156.5 billion Btu/year, conditional on Driftwood reaching full construction notice-to-proceed with Bechtel and securing project financing -- the first of several new offtake deals as Tellurian rebuilt its customer book.
5 May 2021material agreement● Neutral
Tellurian opened another $200 million at-the-market equity facility, this time with Raymond James and T.R. Winston, continuing its reliance on gradual share sales for funding.
21 Sept 2020debt financing● Neutral
Driftwood Holdings again amended its term loan, extending the maturity to March 2022 and paying down $12 million of principal -- continued, gradual deleveraging of the project debt as conditions improved somewhat from the depths of the COVID crash.
11 Sept 2020listing compliance notice▼ Bad
Nasdaq warned Tellurian that its stock had closed below the $1.00 minimum bid price for 30 days, the clearest sign yet of how badly the COVID oil crash had hit the stock.
22 July 2020material agreement▼ BadMajor
Tellurian raised $32.5 million by selling 35 million shares at just $1.00 each -- a price reflecting how far the stock had fallen since 2019, and another heavily dilutive capital raise.
29 Apr 2020capital raising announcement▼ Bad
The $56 million note and warrant financing closed, delivering the roughly $47.3 million in proceeds announced the day before.
28 Apr 2020capital raising announcement▼ BadMajor
Tellurian raised $47.3 million in emergency financing via a $56 million senior unsecured note plus warrants on 20 million shares (exercise price $1.542) -- expensive, dilutive capital raised amid the COVID oil crash.
23 Mar 2020capital raising announcement▼ BadMajor
As COVID-19 hammered oil and gas prices, Driftwood Holdings had to prepay $2 million of its 2019 term loan and hand its lender 11 million shares of Tellurian stock just to get relief on fees and an extended maturity -- an early sign of real financial strain.
2 Mar 2020material agreement● Neutral
Tellurian opened a new $200 million at-the-market equity facility with Raymond James and T.R. Winston, just before the COVID-19 oil price collapse hit.
11 Feb 2020material agreement● Neutral
Tellurian raised a comparatively modest $13.1 million through a small registered direct stock offering (2.1 million shares at $6.36) -- a much smaller raise than its 2017-2019 offerings, foreshadowing the tighter capital markets ahead.
21 Jan 2020material agreement● Neutral
Tellurian renewed its at-the-market equity sales facility with Credit Suisse under a fresh shelf registration, a routine administrative rollover of its standing fundraising tool.
10 July 2019material agreement▲ GoodMajor
TOTAL signed a definitive agreement to invest $500 million directly in the Driftwood Holdings partnership plus long-term LNG offtake rights (1.0 mtpa, with an option on 1.5 mtpa more), converting April's non-binding Heads of Agreement into a firm commitment -- Tellurian's largest financing milestone yet.
28 May 2019debt financing● Neutral
Driftwood Holdings borrowed $75 million in bridge financing from Wilmington Trust-administered lenders, with a further $15 million available once TOTAL formally committed to its previously announced $500 million equity investment in the project.
3 Apr 2019capital raising announcement▲ GoodMajor
TOTAL agreed to invest a further $200 million in Tellurian common stock, but only if Tellurian reached a final investment decision on Driftwood Phase 1 and separately paid $1.0 billion for a 7.2% stake in the project entity, Driftwood Holdings LP -- a much larger, more conditional commitment than TOTAL's 2016 investment.
28 Sept 2018debt financing● Neutral
Tellurian's upstream subsidiary borrowed $60 million from Goldman Sachs Lending Partners to fund development of its Louisiana gas properties, adding project-level debt alongside the equity raises.
21 June 2018material agreement▲ GoodMajor
Tellurian raised about $115.1 million in another public stock offering (12 million shares) underwritten by Credit Suisse, continuing to build cash reserves for Driftwood's development.
21 Mar 2018capital raising announcement▲ GoodMajor
Bechtel itself became a Tellurian shareholder, buying 6.1 million shares of a new Series C convertible preferred stock -- aligning its interests as Driftwood's EPC contractor with an equity stake in the project's success.
12 Dec 2017material agreement▲ GoodMajor
Tellurian raised roughly $94.8 million in a public stock offering (10 million shares at $10.00) underwritten by Credit Suisse, adding to the capital base being built for Driftwood.
16 Nov 2017asset acquisition disposition● Neutral
Tellurian issued a follow-up press release on its northern Louisiana asset purchase, without disclosing new financial terms beyond the $85.1 million deal announced in September.
13 Nov 2017material agreement▲ GoodMajor
Driftwood LNG signed four lump-sum EPC agreements with Bechtel to build the Driftwood LNG terminal in phases -- up to roughly 22 million tonnes per year of total capacity -- by far the largest and most consequential commitment yet in the Driftwood project's development.
6 Sept 2017material agreement▲ GoodMajor
Tellurian's production subsidiary agreed to buy roughly 9,200 net acres and 19 producing gas wells in northern Louisiana for $85.1 million, the start of Tellurian building its own upstream gas supply to feed the planned Driftwood LNG terminal.
3 July 2017capital raising announcement● Neutral
Tellurian granted GE registration rights over the common stock GE could receive by converting its preferred stock, a routine follow-on to GE's 2016 investment.
19 Apr 2017listing compliance notice▼ Bad
TELLURIAN INC. /DE/ withdrew a registration statement, abandoning the offering it covered.
15 Mar 2017material agreement● Neutral
The newly renamed Tellurian Inc. set up a $200 million at-the-market equity sales facility with Credit Suisse -- a large standing fundraising tool as the company began financing its Driftwood LNG ambitions.
10 Feb 2017business combination▲ GoodMajor
The merger closed: Magellan Petroleum renamed itself Tellurian Inc., and Tellurian Investments (the accounting acquirer in this reverse merger) became its operating subsidiary -- the company's identity, leadership and strategy had now fully shifted from legacy oil and gas to LNG development.
30 Jan 2017business combination● Neutral
Magellan filed supplemental merger-proxy disclosures comparing premiums paid in comparable industry mergers, part of the routine run-up to a shareholder vote on the Tellurian combination.
5 Jan 2017business combination▲ GoodMajor
TOTAL's $207 million common stock purchase closed, along with a guaranty from Magellan and a voting agreement binding Tellurian founders Charif Souki and Martin Houston to support a TOTAL board seat -- TOTAL's investment and influence were now locked in ahead of the merger's close.
21 Dec 2016business combination▲ GoodMajor
TOTAL S.A., through TOTAL Delaware, agreed to invest $207 million in Tellurian Investments common stock and secured a board seat in the combined company -- a far larger strategic commitment than GE's, and the beginning of what would become Tellurian's central financing relationship.
29 Nov 2016business combination▲ GoodMajor
GE Oil & Gas invested $25 million in Tellurian Investments' preferred stock, and the merger agreement was amended to accommodate the deal and extend the closing deadline to January 2017 -- the first outside strategic capital into the pre-merger Tellurian.
12 Oct 2016business combination● Neutral
Magellan filed Tellurian Investments' financial statements as part of the pending merger, formally confirming that Tellurian -- not Magellan -- would be treated as the business the deal is really about.
