6 May 2016listing compliance notice▼ BadMajor
MAGNUM HUNTER RESOURCES CORP 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.
18 Apr 2016material agreement▼ BadMajor
Magnum Hunter and its debtor affiliates, which filed their Third Amended Chapter 11 Plan on April 14, 2016, agreed with lenders and noteholders to extend three bankruptcy milestones. The confirmation hearing moved from April 8 to April 18, the confirmation order to April 19, and consummation from April 18 to May 3.
2 Mar 2016material agreement● Neutral
Magnum Hunter's creditors filed a First Amended Chapter 11 Plan of Reorganization with the bankruptcy court, refining the restructuring terms first agreed in December 2015 - the reorganization process moving toward a confirmed plan.
20 Jan 2016debt financing▼ Bad
The Bankruptcy Court gave final approval to Magnum Hunter's up-to-$200 million DIP financing, and the company drew a second $100 million tranche - the largest single piece of the bankruptcy financing, keeping operations funded during reorganization.
21 Dec 2015debt financing▼ Bad
The Bankruptcy Court approved Magnum Hunter's debtor-in-possession financing on an interim basis, formalizing the DIP Credit Agreement that would fund the company through Chapter 11.
15 Dec 2015bankruptcy or receivership▼ BadMajor
Magnum Hunter and nineteen subsidiaries filed for Chapter 11 bankruptcy protection in Delaware, having lined up a Restructuring Support Agreement with its second-lien lenders and noteholders and debtor-in-possession financing to fund operations through reorganization - the culmination of two years of asset sales, covenant waivers, an auditor crisis and a failed price-driven credit crunch that began with the 2014-2015 oil price collapse.
2 Dec 2015debt financing▼ Bad
Magnum Hunter drew further on the uncommitted incremental term loan added under the November 2015 refinancing, continuing to lean on its restructured, creditor-controlled credit facility for cash.
30 Nov 2015listing compliance notice● NeutralMajor
MAGNUM HUNTER RESOURCES CORP's exchange filed to remove a class of its securities from listing.
30 Nov 2015listing compliance notice● NeutralMajor
MAGNUM HUNTER RESOURCES CORP's exchange filed to remove a class of its securities from listing.
30 Nov 2015listing compliance notice● NeutralMajor
MAGNUM HUNTER RESOURCES CORP's exchange filed to remove a class of its securities from listing.
30 Nov 2015listing compliance notice● NeutralMajor
MAGNUM HUNTER RESOURCES CORP's exchange filed to remove a class of its securities from listing.
20 Nov 2015debt financing▼ BadMajor
Eureka Hunter Pipeline's owner demanded $20.8 million in security over past-due gas-gathering amounts, then suspended service on November 10, forcing Triad to shut in about 40 West Virginia wells. A November 19 letter agreement, with a $5 million payment from Triad, restored service.
16 Nov 2015listing compliance notice▼ Bad
Magnum Hunter's senior noteholders formally agreed via a forbearance and indenture amendment to allow the new $70 million refinancing facility - creditors giving covenant room rather than forcing default, but only as a stopgap.
5 Nov 2015debt financing▼ BadMajor
Magnum Hunter converted its revolving bank facility into a restructured term-loan facility held partly by its own senior noteholders and second-lien lenders (now acting as "New First Lien Lenders"), cash-collateralizing $39 million of letters of credit and taking a new $16 million term loan - creditors effectively taking direct control of the capital structure as the company neared default.
4 Sept 2015listing compliance notice▼ BadMajor
Magnum Hunter's common stock fell out of compliance with the NYSE's $1.00 minimum average price rule (30-day average was $0.99) and was tagged with a ".BC" deficiency indicator, with six months to regain compliance - the clearest signal yet, after a year of asset sales and covenant waivers, that the market had priced in serious distress.
28 July 2015material agreement▼ Bad
Magnum Hunter and Morgan Stanley's infrastructure fund extended the deadline for Magnum Hunter to fund its roughly $18.7 million pro-rata share of a March 2015 capital call into Eureka Hunter Holdings, after Morgan Stanley had already put in its $37.8 million share - Magnum Hunter increasingly unable to keep pace with its own midstream subsidiary's capital needs.
16 July 2015debt financing▼ BadMajor
Magnum Hunter's lenders eliminated the $65 million cash-raise requirement, let the company stretch payables from 90 to 180 days, and waived key leverage and current-ratio covenants through the end of 2015 or until it sells its Eureka Hunter stake - a full-blown liquidity crisis now being managed through covenant relief rather than growth financing.
24 June 2015material agreement▼ BadMajor
Facing a lender-imposed requirement to raise $65 million in cash, Magnum Hunter closed the Antero acreage sale for about $33.6 million and had raised roughly $55.6 million total toward the target; its bank lenders extended the deadline to meet the full $65 million to July 10, 2015 - a liquidity squeeze now driving asset sales rather than growth.
29 May 2015material agreement▼ BadMajor
Triad Hunter agreed to sell about 5,210 net acres of undeveloped Tyler County, West Virginia leasehold, below the Rhinestreet formation, to Antero Resources for about $40.8 million before title adjustments. Lenders also extended the $65 million capital-raise deadline to June 19, 2015.
20 Apr 2015material agreement▼ BadMajor
On April 17, 2015 Magnum Hunter got amendments and waivers from its first-lien (Bank of Montreal) and second-lien (Credit Suisse) lenders, giving it more time to pay suppliers (180 days instead of 90 until May 29, 2015) and waiving the March 31, 2015 current ratio and secured debt covenants. The first-lien waivers depend on the company raising at least $65M of net cash from stock sales, asset sales or a joint venture by May 29, 2015, failing which it is an event of default; preferred dividends are also conditioned on this, and the interest margin rises by 0.25%. The company lists possible fundraising steps (including selling part of its Eureka Hunter stake, ATM stock sales, a Utica joint venture, and a new possible sale of non-core Appalachian acreage for about $40M-$65M) that it says could raise up to about $260M, but gives no assurance. It also reports Q1 2015 production up about 66% to 14.7 Bcfe. This shows the company under liquidity and covenant pressure, a step beyond the 2014 asset sales and Eureka Hunter capital changes.
3 Apr 2015listing compliance notice▼ Bad
MAGNUM HUNTER RESOURCES CORP withdrew a registration statement, abandoning the offering it covered.
3 Apr 2015material agreement▼ BadMajor
On March 30, 2015 Magnum Hunter, Eureka Hunter Holdings and Morgan Stanley's MSIP II BH changed the pipeline funding set in the November 2014 letter: Magnum Hunter no longer has to put in $13.3M, while MSIP II BH contributed about $27.2M and $37.8M for new units. Afterward Magnum Hunter owned about 45.53% of the Class A units and MSIP II BH 53.00%, and Magnum Hunter may still put in up to about $18.7M by June 30, 2015 to protect its stake (if it does not, its stake falls to about 44.53%). Separately, the filing discloses that on March 24, 2015 the SEC staff sent Wells Notices (a preliminary decision to recommend enforcement action) to the company, CEO Gary Evans, director J. Raleigh Bailes, the former CFO and the former chief accounting officer, over the 2012-13 internal controls and auditor change; the company says all earlier material weaknesses were remediated as of Dec 31, 2014. This turns the earlier SEC inquiry and auditor-crisis thread into a possible enforcement case.
24 Nov 2014debt financing▲ Good
Eureka Hunter Pipeline expanded its ABN AMRO-led credit facility from $117 million to $225 million, adding lenders and lowering its interest rate and commitment fee - a sign of continued lender confidence in the midstream business even as parent Magnum Hunter kept restructuring its own balance sheet.
28 Oct 2014debt financing● Neutral
Magnum Hunter refinanced into a Fourth Amended and Restated Credit Agreement with Bank of Montreal on similar terms, but with a much lower starting borrowing base of $50 million (against a $250 million ceiling) - reflecting the company's shrunken, more concentrated asset base after selling off Eagle Ford, Canadian and much of its North Dakota acreage over the prior 18 months.
14 Oct 2014material agreement▲ GoodMajor
Bakken Hunter agreed on October 9, 2014 to sell non-operated Divide County, North Dakota interests (about 720 BOE/d, 12,500 net acres) to SM Energy for about $84.8 million cash, closing October 15. This took 2014 divestitures to about $210 million, and Magnum Hunter kept substantial North Dakota assets.
14 Oct 2014material agreement● Neutral
This amendment only corrects a typographical error in the Oct 14, 2014 filing about the Divide County, North Dakota sale: the $4,250,000 deposit paid by SM Energy on Oct 9, 2014 will be applied to the price at closing or released if the deal fails. The terms otherwise restated are the same: Bakken Hunter sells non-operated interests (about 720 BOE/day, 12,500 net acres) to SM Energy for $84,771,716 cash, with closing scheduled for Oct 15, 2014 and effective Aug 1, 2014.
9 Oct 2014material agreement▲ GoodMajor
Morgan Stanley Infrastructure's purchase of ArcLight/Ridgeline's Eureka Hunter stake closed, and Magnum Hunter, MSI and Eureka Hunter's other members executed the new LLC agreement governing the pipeline company - completing the swap of Eureka Hunter's outside institutional backer from ArcLight to Morgan Stanley.
6 Oct 2014material agreement▲ Good
Bakken Hunter sold more non-operated North Dakota working interests, this time in Divide County, to Formation Energy affiliate LGFE-BH for about $23.1 million cash - continued shrinking of the North Dakota position acquired in the 2012 Baytex deal.
22 Sept 2014material agreement▲ GoodMajor
Morgan Stanley Infrastructure agreed to buy out ArcLight/Ridgeline's entire preferred and common stake in Eureka Hunter Holdings and separately buy more equity directly from Magnum Hunter - swapping out the pipeline's original 2012 institutional investor for a new one and giving Magnum Hunter more capital for its midstream business.
22 Aug 2014business combination● Neutral
On August 22, 2014 Magnum Hunter's subsidiary extended the Ambassador offer again, to 7:00pm Sydney time on September 5, 2014 unless further extended. This reverses its August 13 statement of no present intention to extend (it had reserved the right to). The filing gives no reason for the extension and no change to the terms.