Each one in plain English, with the numbers worked through for a shareholder.
19 Dec 2016securities registration● Neutral
Gulfport priced its offering of 29,000,000 common shares at $21.50 each, raising about $623.5 million before underwriting discounts, with a further 4,350,000-share option for the underwriters. Delivery was set for about December 21, 2016.
15 Dec 2016capital raising announcement● NeutralMajor
Gulfport agreed on December 13, 2016 to buy assets from Vitruvian II Woodford, LLC (an unrelated seller) for about $1.85 billion, made up of $1.35 billion in cash and about 18.8 million Gulfport shares. The assets are 46,400 net surface acres in the Woodford and Springer formations in Grady, Stephens and Garvin Counties, Oklahoma, with about 183 Mmcfepd of net production for October 2016 and about 1.1 Tcfe of estimated proved reserves. It is expected to close in February 2017. To pay the cash portion, Gulfport launched a 29,000,000-share public stock offering (plus an option for 4,350,000 more) and a proposed $600 million of Senior Notes due 2025. It also amended its credit facility with The Bank of Nova Scotia, extending maturity to December 13, 2021, raising the interest rate on all loans by 0.5%, and raising the permitted senior notes to $1.6 billion. This is Gulfport's first entry into Oklahoma and follows the December 14 shelf registration and prospectus supplement.
19 Oct 2016security holder rights change▲ GoodMajor
Gulfport issued $650 million of 6.000% senior notes due 2024. It retired its 7.750% notes due 2020 through a tender offer that took in about $391 million, plus a redemption of the roughly $196.5 million left, which discharged the old indenture.
As commodity prices recovered, Gulfport moved to refinance its oldest, priciest debt: it agreed to sell $650 million of new 6.000% notes due 2024, with the proceeds earmarked to fully redeem its $600 million of 7.750% notes due 2020.
Ahead of its June 10, 2016 annual meeting, Gulfport filed extra proxy material answering ISS's recommendation to vote against its executive pay proposal. It urged shareholders to vote for that proposal and against a shareholder proposal for a methane emissions report.
Gulfport filed its proxy statement for the June 10, 2016 annual meeting, where holders were to vote on electing six directors, an advisory pay vote, ratifying Grant Thornton as auditor, and a stockholder methane emissions report proposal.
GULFPORT ENERGY CORP announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).