27 July 2016quarterly activities report▼ Bad
Grizzly Energy, LLC reported quarterly revenue of $24.9 million and a net loss of $260.8 million for the period ended 2016-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 June 2016debt financing▼ BadMajor
This amendment only corrects the item number and heading of a May 27, 2016 report; the substance is the Tenth Amendment to the credit facility (May 26, 2016), which cut the borrowing base from $1.8 billion to $1.325 billion. Borrowings of $1.424 billion left a deficiency of about $103.5 million, to be repaid in six monthly installments of about $17.3 million from June 27, 2016, which the company expects to cover from excess cash flow. The amendment also gave a one-time current ratio waiver for Q2 2016, raised the mortgage requirement from 80% to 95%, and added an event of default for payments on Senior Notes or Second Lien Debt from Sept 15, 2016 if pro forma liquidity falls below $50 million. This continues the tightening of the lending base seen since the June 2015 cut.
27 May 2016material agreement▼ BadMajor
Had its borrowing base cut again, to $1.325 billion from $1.8 billion, and agreed to a new default trigger: falling below $50 million of liquidity after making bond interest payments would itself become an event of default - a sign lenders were bracing for a cash crunch.
20 May 2016asset acquisition disposition● NeutralMajor
The Oklahoma SCOOP/STACK sale agreed on March 29, 2016 closed on May 19, 2016 at an adjusted price of $272.5 million (down from the $280.0 million announced), paid by entities managed by Titanium Exploration Partners; the press release says proceeds were immediately used to pay down the reserve-based credit facility. The filing also adds pro forma financials covering this sale and the completed LRR Energy (Oct 5, 2015) and Eagle Rock (Oct 8, 2015) mergers, and an updated 2016 outlook; the price is still subject to final adjustments.
20 May 2016substantial holder notice● Neutral
Montierra Minerals & Production, L.P, Montierra Management LLC, Natural Gas Partners VII, L.P, Natural Gas Partners VIII, L.P, NGP Income Management L.L.C, Eagle Rock Holdings NGP, ERH NGP, NGP Income Co-Investment Opportunities Fund II, L.P, NGP Energy Capital Management, L.L.C reported no remaining Grizzly Energy, LLC shareholding in its periodic institutional filing.
19 May 2016director interest notice● Neutral
Grizzly Energy, LLC Executive VP and CFO Richard A Robert converted derivative holdings into 25,000 shares and disposed of 25,000.
19 May 2016director interest notice● Neutral
Grizzly Energy, LLC President and CEO Scott W Smith converted derivative holdings into 40,000 shares and disposed of 56,780.
19 May 2016director interest notice● Neutral
Grizzly Energy, LLC Executive VP of Operations Britt Pence converted derivative holdings into 13,000 shares and disposed of 13,000.
3 May 2016quarterly activities report▼ Bad
Grizzly Energy, LLC reported quarterly revenue of $24.9 million and a net loss of $260.8 million for the period ended 2016-06-30.
2 May 2016quarterly activities report▼ Bad
Grizzly Energy, LLC reported quarterly revenue of $24.9 million and a net loss of $260.8 million for the period ended 2016-06-30.
14 Apr 2016securities registration● Neutral
Grizzly Energy, LLC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
30 Mar 2016director interest notice● Neutral
Grizzly Energy, LLC Executive VP, Operations Pence Britt disposed of 10,210 shares via option/appreciation-right settlement.
30 Mar 2016material agreement▼ BadMajor
Agreed to sell its SCOOP/STACK gas assets in Oklahoma for $280 million - its first major divestment after a decade of buying, now shedding properties to raise cash and cut debt.
24 Mar 2016securities registration● Neutral
Grizzly Energy, LLC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
24 Mar 2016securities registration● Neutral
Grizzly Energy, LLC amended an already-effective registration statement.
22 Mar 2016securities registration● Neutral
Grizzly Energy, LLC amended an already-effective registration statement.
22 Mar 2016securities registration● Neutral
Grizzly Energy, LLC registered a securities offering with the SEC using its shelf eligibility.
7 Mar 2016quarterly activities report▼ Bad
Grizzly Energy, LLC reported quarterly revenue of $113.2 million and a net loss of $145.3 million for the period ended 2016-03-31.
29 Feb 2016late filing notice▼ Bad
Grizzly Energy, LLC notified the SEC that its annual report would be filed late.
17 Feb 2016debt financing▼ BadMajor
Exchanged $168.2 million of its 7.875% senior notes for just $75.6 million of new second-lien notes - retiring debt at a steep discount to face value, a signal the market already doubted the old bonds would be paid in full.
11 Feb 2016securities registration● Neutral
Grizzly Energy, LLC amended its automatic shelf registration statement.
11 Feb 2016securities registration● Neutral
Grizzly Energy, LLC amended its automatic shelf registration statement.
2 Feb 2016director interest notice● Neutral
Grizzly Energy, LLC President and CEO Scott W Smith gifted 64,788 shares.
29 Jan 2016director interest notice● Neutral
Grizzly Energy, LLC Executive VP and CFO Robert Richard A gifted 59,576 shares.
26 Jan 2016director interest notice● Neutral
Grizzly Energy, LLC Executive VP of Operations Pence Britt received a stock option grant for 516,778 shares.
12 Jan 2016director interest notice● Neutral
Grizzly Energy, LLC Executive VP of Operations Pence Britt received a stock option grant for 458,054 shares.
6 Jan 2016director interest notice● Neutral
Grizzly Energy, LLC director Singletary Loren received a stock option grant for 41,946 shares.
6 Jan 2016director interest notice● Neutral
Grizzly Energy, LLC director Mccullough Bruce W. received a stock option grant for 41,946 shares.
6 Jan 2016director interest notice● Neutral
Grizzly Energy, LLC Executive VP and CFO Robert Richard A received a stock option grant for 630,872 shares.
6 Jan 2016director interest notice● Neutral
Grizzly Energy, LLC Executive VP of Operations Pence Britt received a stock option grant for 479,866 shares.