Each one in plain English, with the numbers worked through for a shareholder.
5 Apr 2011debt financing● NeutralMajor
On April 5, 2011 Penn Virginia amended its November 2009 credit agreement with JPMorgan as agent so it can issue up to $300 million of additional unsecured notes and use the proceeds to retire the 2012 convertible notes in its tender offer. The lenders also postponed a 30% borrowing base cut on $230 million of the new notes until the tender offer completes. The company also announced plans for a $250 million offering of senior notes due 2019, part of which would fund the tender offer, with the rest for working capital. This continues the convertible refinancing started in March.
BAYTEX ENERGY USA, INC. (then Penn Virginia) filed a preliminary prospectus supplement for a proposed $250 million offering of senior notes due 2019. The interest rate and pricing were still blank.
The company sent shareholders notice of its annual meeting on 4 May 2011. Shareholders were asked to elect eight directors, approve an amendment to the 1999 Employee Stock Incentive Plan, and hold advisory votes on executive pay and on how often to hold them.
On March 8, 2011 Penn Virginia launched a cash offer to buy back any and all of its $230 million of 4.50% Convertible Senior Subordinated Notes due 2012 at $1,027.50 per $1,000, plus accrued interest, with J.P. Morgan as dealer manager (fee $5 per $1,000 purchased). The stated purpose is to refinance the notes with new debt; the offer expires April 4, 2011 and depends on conditions including new debt financing and consent from revolver lenders and 10.375% 2016 noteholders.
Luxor Capital Partners, LP, Luxor Spectrum, LLC, Luxor Wavefront, LP, Luxor Capital Partners Offshore Master Fund, LP, Luxor Capital Partners Offshore, Ltd, Luxor Spectrum Offshore Master Fund, LP, Luxor Spectrum Offshore, Ltd, Luxor Capital Group, LP, Luxor Management, LLC, LCG Holdings, LLC, Christian Leone reported a BAYTEX ENERGY USA, INC. shareholding of 2,611,498 shares (5.70% of votes) in a periodic institutional filing.
Wellington Management Company, LLP reported a BAYTEX ENERGY USA, INC. shareholding of 3,842,012 shares (8.44% of votes) in a periodic institutional filing.
Artisan Partners Holdings LP, Artisan Investment Corporation, Artisan Partners Limited Partnership, Artisan Investments GP LLC, ZFIC, Inc., Andrew A. Ziegler, Carlene M. Ziegler disclosed a new substantial BAYTEX ENERGY USA, INC. shareholding (5.20% of votes).
The Bank of New York Mellon Corporation reported a BAYTEX ENERGY USA, INC. shareholding of 1,729,225 shares (3.80% of votes) in a periodic institutional filing.
