October 10, 2017 - 7:30 AM EDT
Print Email Article Font Down Font Up Charts

Halcón Resources Announces Results of its Tender Offer to Purchase Up to 50% of its 6.75% Senior Notes due 2025 and the Redemption of its 12.0% Second Lien Notes due 2022

Houston, Oct. 10, 2017 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE:HK) (“Halcón” or the “Company”) announced today it completed its previously disclosed tender offer to purchase for cash up to $425 million principal amount of  the outstanding $850 million principal amount of its unsecured 6.75% Senior Notes due 2025 (the "6.75% Notes") at 103% of par  plus accrued interest.  The Company also announced it completed its previously disclosed redemption of its outstanding 12.0% Second Lien Notes due 2022 (the "12.0% Notes"). 

As of the expiration time, at 5:00 p.m., New York City time, on October 6, 2017, Holders representing in excess of $425 million of principal amount of the 6.75% Notes validly tendered their 6.75% Notes.  Accordingly, the Company purchased $425 million of the 6.75% Notes at 103% of par plus accrued interest.  As a result of the tender offer being oversubscribed, the purchase of validly tendered 6.75% Notes will be prorated in accordance with the indenture and the procedures of DTC as described in the Offer to Purchase. 

Separately, the Company fully redeemed its 12.0% Notes on October 7, 2017, in accordance with the terms of the indenture governing such notes.  As previously announced, all of the obligations of the Company and the subsidiary guarantors under the 12.0% Notes were satisfied and discharged on September 7, 2017.  After giving effect to the tender offer and redemption, Halcón’s only remaining debt is $425 million in principal amount of its 6.75% Notes.  The Company’s liquidity as of June 30, 2017, was approximately $759 million pro forma for these transactions and Halcón’s other previously announced activities. 

This press release does not constitute an offer to purchase securities or a solicitation of an offer to purchase any securities, nor does it constitute an offer or solicitation in any jurisdiction in which such offer or solicitation is unlawful.

About Halcón Resources

Halcón Resources Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.

For more information contact Quentin Hicks, Senior Vice President of Finance & Investor Relations, at 832-538-0557 or [email protected]

Forward-Looking Statements

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects", "believes", "intends", "anticipates", "plans", "estimates", "potential", "possible", or "probable" or statements that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved.  Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and other filings submitted by the Company to the U.S. Securities and Exchange Commission (SEC), copies of which may be obtained from the SEC's website at www.sec.gov or through the Company's website at www.halconresources.com. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company's expectations.

Quentin Hicks
Senior Vice President - Finance and Investor Relations

Primary Logo

Source: GlobeNewswire (October 10, 2017 - 7:30 AM EDT)

News by QuoteMedia

Legal Notice