Each one in plain English, with the numbers worked through for a shareholder.
8 Feb 2019substantial holder notice● Neutral
BOF Holdings IV, LLC, H.I.G. Bayside Loan Opportunity Fund IV, L.P, H.I.G. Bayside Loan Advisors IV, LLC, H.I.G.-GPII, Inc, Sami W. Mnaymneh, Anthony A. Tamer reported a SILVERBOW RESOURCES, INC. shareholding of 840,147 shares (7.19% of votes) in a periodic institutional filing.
On April 20, 2018 the company amended both its revolver and its second lien note agreement. The revolver's borrowing base was reaffirmed at $330 million and its interest margin was cut by 50 basis points. Both agreements now exclude certain basis differential swaps from the maximum hedging limit.
DW Partners, LP, DW Investment Partners, LLC reported a SILVERBOW RESOURCES, INC. shareholding of 1,728,640 shares (15.00% of votes) in a periodic institutional filing.
BOF Holdings IV, LLC, H.I.G. Bayside Loan Opportunity Fund IV, L.P, H.I.G. Bayside Loan Advisors IV, LLC, H.I.G.-GPII, Inc, Sami W. Mnaymneh, Anthony A. Tamer disclosed a new substantial SILVERBOW RESOURCES, INC. shareholding (7.30% of votes).
Hutchin Hill Capital, LP, Hutchin Hill Capital GP, LLC, Neil A. Chriss reported no remaining SILVERBOW RESOURCES, INC. shareholding in its periodic institutional filing.
On December 15, 2017 the company issued $200 million of senior secured second lien notes at LIBOR plus 7.5%, due December 15, 2024, with up to $100 million more possible if conditions are met. The release says proceeds paid down the revolver and the notes were funded by private funds managed by EIG Global Energy Partners and another third party. The revolver's borrowing base was cut from $370 million to $330 million as a result, and the notes rank behind the revolver under a new intercreditor agreement. The release lists the stock as NYSE: SBOW, which indicates the NYSE listing committed to in January was achieved (inference from the release's ticker).
On November 9, 2017 (now filing as SilverBow Resources) the company amended its JPMorgan credit agreement, raising the borrowing base by $40 million to $370 million. It also gained the ability to incur up to $200 million of second lien or unsecured debt, which the December 2017 note financing then used.