10 Sept 2020capital raising announcement▼ BadMajor
On September 3, 2020 Unit's plan took effect and it emerged from Chapter 11. The old common stock was cancelled, the $650M 6.625% subordinated notes were cancelled in exchange for new shares, and the DIP loan was paid in full. Unit signed a new exit credit agreement with BOKF as agent: a $140M revolver and a $40M term loan, maturing March 1, 2024, with $92M of revolver and $40M of term loan drawn on emergence, secured partly by Unit's stake in Superior Pipeline. Old shareholders who did not opt out of releases get warrants over about 1.8 million new shares, exercisable only after all general unsecured claims are resolved, expiring no later than September 3, 2027, and carrying no shareholder rights. Unit filed a Form 15 on September 4 to deregister the old stock.