14 Mar 2013securities registration● Neutral
EAGLE ROCK ENERGY PARTNERS L P filed a prospectus supplement for an offering off its existing shelf.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Mar 2013securities registration● Neutral
EAGLE ROCK ENERGY PARTNERS L P filed the final prospectus for a registered offering.
25 Feb 2013quarterly activities report▼ Bad
EAGLE ROCK ENERGY PARTNERS L P reported quarterly revenue of $257.7 million and a net loss of $33.5 million for the period ended 2013-03-31.
31 Jan 2013securities registration● Neutral
EAGLE ROCK ENERGY PARTNERS L P filed the final prospectus for a registered offering.
10 Jan 2013business combination● Neutral
Eagle Rock filed Amendment No. 1 to its registration statement for the offer to swap up to $250 million of unregistered 8 3/8% senior notes due 2019 (issued July 13, 2012) for identical registered notes. This continues the exchange-offer thread from the November 2012 filing; it does not raise new money or change the debt amount. The expiry date is still blank and the filing says the offer is not yet effective.
31 Dec 2012debt financing● NeutralMajor
On December 28, 2012 the lenders raised total commitments under Eagle Rock's credit facility from $675 million to $820 million, adding Whitney Bank to the group. The First Amendment temporarily loosens the maximum total leverage ratio from 4.50x to 4.75x and adds a new Senior Secured Leverage Ratio limit of 2.85x, both through the third quarter of 2013, and doubles the permitted other-investments basket from $25 million to $50 million. This follows the revolver-funded BP acquisition; the filing does not say the step-up was needed because of it (inference only).
20 Nov 2012business combination● Neutral
Eagle Rock and Eagle Rock Energy Finance Corp. filed a registration statement offering to swap up to $250 million of the unregistered 8 3/8% senior notes due 2019 (issued July 13, 2012) for identical registered notes. This continues the exchange-offer thread for the additional $250 million and is a routine step required by the registration rights agreement; it does not raise new money or change the debt amount. The expiry date is blank and the offer is not yet effective.
2 Nov 2012quarterly activities report▼ Bad
EAGLE ROCK ENERGY PARTNERS L P reported quarterly revenue of $163.4 million and a net loss of $106.9 million for the period ended 2012-09-30.
31 Oct 2012quarterly activities report▼ Bad
EAGLE ROCK ENERGY PARTNERS L P reported quarterly revenue of $163.4 million and a net loss of $106.9 million for the period ended 2012-09-30.
3 Oct 2012material agreement▲ GoodMajor
On October 3, 2012 Eagle Rock's operating subsidiary amended its Brookeland gas gathering and processing agreement with Anadarko, effective April 1, 2012. Anadarko must now also deliver gas from an additional roughly 800,000-acre, 10-year dedication in Louisiana, and new wells spud on or after April 1, 2012 move to a fixed gathering fee instead of a commodity-price-sensitive processing fee. Financial terms are partly redacted, so the dollar impact is not stated.
2 Oct 2012asset acquisition disposition▲ GoodMajor
Eagle Rock, through its subsidiary Eagle Rock Field Services, completed the BP acquisition of the two Texas Panhandle gas plants and gathering system on October 1, 2012 for about $230.6 million in cash (including the roughly $23 million deposit), funded with borrowings under its revolving credit facility. At closing it signed a 20-year fixed-fee Gas Gathering and Processing Agreement with BP covering BP's production from the connected wells and certain future wells. This resolves the pending BP deal; the filing says the purchase was funded from the revolver, while the August equity raise was earlier stated as meant for part of the price.
17 Aug 2012material agreement● NeutralMajor
Eagle Rock sold 10,120,000 new common units to the public at $8.72 each (including 1,320,000 from the underwriters' full over-allotment option), closing August 17, 2012, for net proceeds of about $84.5 million. The press release says the money is meant to fund part of the BP acquisition, with interim use to repay credit facility borrowings, and general partnership purposes if the deal does not close. The new units dilute existing unitholders; this is separate from the $100 million at-the-market program, and the filing does not say that program was used.
14 Aug 2012securities registration● Neutral
EAGLE ROCK ENERGY PARTNERS L P filed a prospectus supplement for an offering off its existing shelf.
13 Aug 2012securities registration● Neutral
EAGLE ROCK ENERGY PARTNERS L P filed the final prospectus for a registered offering.
13 Aug 2012material agreement● NeutralMajor
On August 10, 2012 Eagle Rock agreed to buy two BP gas processing plants (Sunray and Hemphill, about 220 MMcf/d combined capacity) and a connected gathering system in the Texas Panhandle for about $227.5 million in cash, subject to adjustments, and paid a deposit of about $23 million. The assets sit next to its existing Panhandle midstream assets; closing is expected October 1, 2012, subject to conditions including antitrust (HSR) clearance, and the deposit is forfeited if Eagle Rock terminates, with limited exceptions. This is a new acquisition thread; the filing text provided is truncated, so how it will be funded is not shown here.
6 Aug 2012quarterly activities report▼ Bad
EAGLE ROCK ENERGY PARTNERS L P reported quarterly revenue of $163.4 million and a net loss of $106.9 million for the period ended 2012-09-30.
1 Aug 2012quarterly activities report▼ Bad
EAGLE ROCK ENERGY PARTNERS L P reported quarterly revenue of $163.4 million and a net loss of $106.9 million for the period ended 2012-09-30.
13 July 2012debt financing● NeutralMajor
On July 10, 2012 Eagle Rock agreed to sell an additional $250 million of its 8 3/8% senior notes due 2019 at 96.751% of par, for net proceeds of about $241.6 million, closing July 13, 2012 and used to repay borrowings under its credit facility. The new notes are treated as one class with the $300 million issued in May 2011, bringing the total to $550 million (inference: sum of the two issues). A new registration rights agreement requires an exchange offer within 300 days of July 13, 2012, or 1% additional interest.
30 May 2012securities registration● Neutral
EAGLE ROCK ENERGY PARTNERS L P filed a prospectus supplement for an offering off its existing shelf.
30 May 2012agm notice● Neutral
EAGLE ROCK ENERGY PARTNERS L P announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
30 May 2012material agreement● NeutralMajor
On May 30, 2012, Eagle Rock signed equity distribution agreements with UBS Securities and Knight Capital Americas, allowing it to sell common units with an aggregate offering price of up to $100 million from time to time through them at market prices. Any sales would add new units and could dilute existing holders; the filing does not say how many units, if any, will be sold or what the proceeds would be used for.
23 May 2012agm notice● Neutral
EAGLE ROCK ENERGY PARTNERS L P announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
22 May 2012agm notice● Neutral
EAGLE ROCK ENERGY PARTNERS L P announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
17 May 2012capital raising announcement▲ GoodMajor
The warrant program ended on May 15, 2012: 2,140,964 warrants were exercised for new common units, bringing in about $12.8 million, and 407,117 expired unexercised. This includes 273,484 warrants exercised by Montierra Minerals & Production, an NGP affiliate, for $1,640,904; the filing notes CEO Joseph Mills is also CEO and a manager of Montierra's general partner. This resolves the open thread on the June 2010 warrants.
4 May 2012quarterly activities report● Neutral
EAGLE ROCK ENERGY PARTNERS L P reported quarterly revenue of $282.4 million and net income of $61.8 million for the period ended 2012-06-30.
3 May 2012quarterly activities report● Neutral
EAGLE ROCK ENERGY PARTNERS L P reported quarterly revenue of $282.4 million and net income of $61.8 million for the period ended 2012-06-30.
12 Apr 2012material agreement● Neutral
On April 6, 2012, Eagle Rock's subsidiary amended its NGL exchange agreement with ONEOK Hydrocarbon (dated Dec 2005, amended Dec 2010 and Aug 2011) to extend its term and increase the volume delivered from a New Dedicated Plant, with a new Base Exchange Differential on that added volume. The financial terms are redacted, and the length of the extension is not stated, so the dollar effect cannot be determined.
9 Apr 2012agm notice● Neutral
EAGLE ROCK ENERGY PARTNERS L P announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
9 Apr 2012agm notice● Neutral
EAGLE ROCK ENERGY PARTNERS L P shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
19 Mar 2012capital raising announcement▲ GoodMajor
On March 15, 2012, entities affiliated with Eagle Rock Holdings and Natural Gas Partners exercised 200,000 warrants for $1,200,000, and the partnership issued the same number of common units. The attached press release says 3,159,624 warrants in total were exercised that day for about $19.0 million, which the partnership intends to use to repay revolving credit facility borrowings, leaving 2,548,081 warrants outstanding. The final exercise date is May 15, 2012, after which unexercised warrants expire.