31 Jan 2014listing compliance notice▼ BadMajor
Lone Pine Resources Inc. terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Jan 2014bankruptcy or receivership▼ BadMajor
The Alberta court sanctioned Lone Pine's restructuring plan on January 9, 2014, and the U.S. court recognized it on January 10. The plan will cancel all 86,860,176 existing shares for no consideration, exchange the Senior Notes for new common equity, and raise US$100-110 million of new preferred equity to repay the bank debt.
12 Dec 2013debt financing▼ Bad
Lone Pine amended both its credit agreement and its DIP facility to require new hedging arrangements covering about 75% of production and pushed back the deadline for the CCAA court to sanction its restructuring plan from December 31, 2013 to January 31, 2014 -- the restructuring taking longer than first planned.
30 Oct 2013debt financing▼ BadMajor
Lone Pine secured a Cdn$10 million debtor-in-possession credit facility from its existing lenders (led by JPMorgan) to fund operations during the CCAA proceedings, maturing March 2014, with a covenant requiring it to line up a replacement lender by mid-November.
18 Oct 2013listing compliance notice▼ BadMajor
The NYSE moved to formally delist Lone Pine's stock (effective October 22) after trading had already been suspended in mid-September; the Toronto Stock Exchange halted trading too, pending the CCAA restructuring.
11 Oct 2013listing compliance notice● NeutralMajor
Lone Pine Resources Inc.'s exchange filed to remove a class of its securities from listing.
25 Sept 2013bankruptcy or receivership▼ BadMajor
Lone Pine and its subsidiaries filed for creditor protection under Canada's CCAA (recognized in the U.S. under Chapter 15), having reached a restructuring support agreement with holders of 75% of its 10.375% Senior Notes: existing common stock would be cancelled, the notes converted into new equity, and noteholders would inject $100 million of new capital to repay the roughly Cdn$180 million owed under the bank facility. A Cdn$10 million debtor-in-possession facility and existing cash were expected to fund operations through the restructuring, targeted to close by year-end 2013.
29 July 2013debt financing▼ BadMajor
Lone Pine's lenders raised the maximum debt-to-EBITDA covenant to 5.75x through Q2 2013, after the company disclosed it would otherwise have breached the 4.5x limit -- and warned it likely wouldn't comply even with relief by Q3. It also flagged that missing the upcoming $10.4 million August 15 interest payment on its Senior Notes would trigger default and cross-default on its bank debt, and that it might not be able to continue as a going concern without a restructuring.
19 June 2013listing compliance notice▼ BadMajor
Weeks later, the NYSE issued Lone Pine a second deficiency notice, this time for falling below the $75 million minimum average global market-capitalization threshold; Lone Pine had 45 days to submit a plan to regain compliance.
29 May 2013listing compliance notice▼ BadMajor
The NYSE notified Lone Pine that its average closing share price had been below $1.00 over 30 consecutive trading days. Lone Pine had six months to regain compliance, and the stock kept trading on the NYSE and TSX.
18 Dec 2012asset acquisition disposition▼ BadMajor
Lone Pine closed the Wild River sale to CNRL for net proceeds of $80.6 million, used to pay down its revolver; its bank borrowing base was cut by $50 million to $275 million as a result.
13 Nov 2012material agreement▼ BadMajor
Lone Pine agreed to sell its Wild River, Alberta natural gas properties to Canadian Natural Resources for C$82 million -- an asset sale aimed at cutting debt as gas prices stayed weak.
15 Feb 2012debt financing▼ BadMajor
Lone Pine's Canadian subsidiary sold $200 million of 10.375% Senior Notes due 2017 in a private placement, using the proceeds to pay down its bank revolver; the borrowing base was automatically cut from $425 million to $375 million as a term of the deal -- a high coupon relative to Lone Pine's investment-grade-era debt, reflecting its cost of capital as a newly spun-off company.
6 Feb 2012debt financing● NeutralMajor
Lone Pine amended its credit agreement to broaden the definition of senior notes ahead of a planned private placement of senior notes due 2017, and reported 2011 year-end proved reserves. It planned to shift capital to light oil, raising liquids weighting from 21% in 2011 to 35% on average in 2012 and about 40% by year-end.
10 Nov 2011auditor change● Neutral
Lone Pine switched its auditor from Ernst & Young's U.S. practice to E&Y's Canadian practice -- a purely administrative move reflecting its Calgary headquarters, not a disagreement.
1 June 2011asset acquisition disposition● NeutralMajor
Lone Pine completed its IPO of 15 million shares at $13.00, raising about $178.3 million net, leaving Forest Oil with 82.3% of the shares ahead of a planned spin-off. It planned to use the proceeds and credit facility borrowings to pay Forest $29 million and repay about $401 million of intercompany debt.
25 May 2011listing compliance notice▲ GoodMajor
the New York Stock Exchange certified Lone Pine Resources Inc.'s securities for listing, clearing them to begin trading.