Each one in plain English, with the numbers worked through for a shareholder.
20 Mar 2020substantial holder notice● Neutral
Franklin Resources, Inc, Charles B. Johnson, Rupert H. Johnson, Jr, Franklin Advisers, Inc reported a EXPAND ENERGY Corp shareholding of 154,487,215 shares (7.90% of votes) in a periodic institutional filing.
EXPAND ENERGY Corp announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
The Carlyle Group Inc, Carlyle Group Management L.L.C, Carlyle Holdings I GP Inc, Carlyle Holdings I GP Sub L.L.C, Carlyle Holdings I L.P, CG Subsidiary Holdings L.L.C, TC Group, L.L.C, TC Group Sub L.P, TC Group VI S, CP VI Eagle Holdings, L.P reported a EXPAND ENERGY Corp shareholding of 172,897,386 shares (8.80% of votes) in a periodic institutional filing.
Chesapeake issued preliminary fourth-quarter 2019 results, with output of 476,000-478,000 boe per day (125,000-126,000 bbls of oil) and capex of about $480-490 million. It said it cut about $900 million of debt, leaving about $8.9 billion outstanding.
Chesapeake amended its credit agreement again to accommodate the note exchange and raised $120 million from institutional investors, continuing to patch its balance sheet as the NYSE delisting clock ran.
Chesapeake exchanged existing unsecured notes for new 11.5% senior secured second-lien notes due 2025 - a distressed-debt exchange whose high coupon underscores how much the market's view of its credit risk had deteriorated.
The NYSE warned Chesapeake that its stock had traded below the $1.00 minimum average price for 30 straight days, starting a six-month clock to regain compliance or face delisting.
Chesapeake tightened its credit agreement again - raising the interest margin, requiring at least $250 million of liquidity at all times, and swapping out a leverage covenant - signaling deepening balance-sheet stress heading into 2020.
Esquisto Holdings, LLC, WHR Holdings, LLC, NGP XI US Holdings, L.P, WHE AcqCo Holdings, LLC, NGP Energy Capital Management, L.L.C reported no remaining EXPAND ENERGY Corp shareholding in its periodic institutional filing.
Franklin Resources, Inc, Charles B. Johnson, Rupert H. Johnson, Jr, Franklin Advisers, Inc disclosed a new substantial EXPAND ENERGY Corp shareholding (12.40% of votes).
Between September 13 and 18, 2019, Chesapeake agreed to issue 68,599,009 shares of common stock in exchange for about $145 million of senior notes: $55 million due 2025, $30 million due 2026 and $60 million due 2027.
In its largest exchange yet, Chesapeake issued 250.7 million new shares -- a massive dilution -- to a single large investment manager for nearly $588 million of preferred stock and senior/convertible notes, just months before its NYSE delisting notice and under a year before its Chapter 11 filing.