30 Sept 2013material agreement▲ Good
Midstates' scheduled semi-annual credit-facility redetermination raised its borrowing base from $425 million to $500 million.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Aug 2013debt financing● Neutral
Midstates Petroleum registered an exchange offer for $700 million of 9.25% senior notes due 2021, swapping privately placed notes for identical registered ones so holders could trade them freely. Housekeeping on a debt load that, with the $600 million 10.75% notes registered the same day, put $1.3 billion of high-coupon unsecured debt on a company that would be in Chapter 11 within three years.
30 Aug 2013debt financing● Neutral
Midstates Petroleum filed an S-4 to exchange up to $600 million of registered 10.75% senior notes due 2020 for identical unregistered notes it issued on October 1, 2012. The new notes carry the same terms, and the company receives no cash proceeds.
3 June 2013asset acquisition disposition● Neutral
Midstates closed its $700 million offering of 9.25% notes due 2021, funding the Panther Anadarko Basin acquisition.
24 May 2013material agreement● NeutralMajor
Midstates priced $700 million of 9.25% senior notes due 2021 to fund the Panther Anadarko Basin acquisition.
22 May 2013material agreement● NeutralMajor
Midstates amended its credit facility to accommodate financing for the pending Panther Anadarko Basin acquisition, raising its borrowing base to $425 million once the deal closed.
4 Apr 2013material agreement▲ GoodMajor
Midstates agreed to acquire Anadarko Basin (Texas/Oklahoma) producing properties and undeveloped acreage from Panther Energy, Red Willow Mid-Continent and Linn Energy Holdings for $620 million cash.
2 Oct 2012asset acquisition disposition▲ GoodMajor
Midstates completed its $650 million Eagle Energy acquisition ($325M cash plus 325,000 new shares of Series A Mandatorily Convertible Preferred Stock), funded by the notes offering that closed the same day; Eagle's controller Riverstone Holdings gained a board seat and veto rights over major corporate actions.
27 Sept 2012material agreement● Neutral
Midstates further amended its credit facility to raise its unsecured-debt basket to $600 million, accommodating the just-priced notes ahead of the Eagle Energy deal's close.
14 Sept 2012material agreement● NeutralMajor
Midstates priced $600 million of 10.75% senior notes due 2020 in a private placement, with proceeds earmarked to help fund the Eagle Energy acquisition.
12 Sept 2012material agreement● Neutral
Midstates amended its credit facility to add $35 million of bridge borrowing capacity and waive a covenant ahead of closing the Eagle Energy acquisition.
5 Sept 2012drilling progress report● Neutral
Midstates detailed the roughly 82,000 net Mississippian Lime acres it would gain from the pending Eagle Energy acquisition and updated its 2012-2013 production guidance for the combined company.
13 Aug 2012material agreement▲ GoodMajor
Midstates agreed to acquire Mississippian Lime oil and gas assets in Oklahoma and Kansas from Eagle Energy Production for $325 million cash plus $325 million of new preferred stock, its first major acquisition since going public.
13 June 2012material agreement● Neutral
Midstates expanded its revolving credit facility to $500 million (initial borrowing base $200 million) and extended its maturity to 2017, while updating on its ongoing litigation with Clovelly Oil Company over a disputed 1972 joint operating agreement tied to a 2007 acreage purchase.
25 Apr 2012material agreement▲ GoodMajor
Midstates Petroleum Company (later renamed Amplify Energy Corp.) completed its initial public offering, selling 27.6 million shares (plus a 3.6 million-share underwriters' option) at $13.00 per share for about $220 million net proceeds, and reorganized from its First Reserve-backed private structure into a public Delaware corporation.
18 Apr 2012listing compliance notice▲ GoodMajor
the New York Stock Exchange certified Amplify Energy Corp.'s securities for listing, clearing them to begin trading.