Whiting Petroleum (ticker: WLL) has initiated an exchange offering for senior notes aimed at lowering debt and leverage through the mandatory conversion of senior notes to equity. The announcement on June 22, 2016, will encompass $377.0 million worth of nonconvertible notes and $697.9 million of convertible notes. The exchange will replace the old notes with new mandatory convertible senior notes
CALGARY, ALBERTA–(Marketwired – April 11, 2016) – Genoil Inc. (OTCBB:GNOLF) – The company closed its private placement on Friday December 11, 2015, raising gross proceeds of $322,730 totaling 6,454,600 shares at a price of $ 0.05 per unit. Each unit is comprised of one common share of the company and one transferable common share purchase warrant (a warrant). Each warrant will
On March 7, 2016, PDC Energy, Inc. (ticker: PDCE) announced the company would offer 5,922,500 shares, including the expected purchase of overallotments, in common equity to the market. The offering is expected to bring in gross proceeds of $262.7 million dollars. The net proceeds from this offering will be used to repay the principal amounts owed upon the maturity of
Very few attractive targets for takeover due to debt; doing deals has gotten harder, not easier The amount of debt oil and gas companies took on to fuel growth during the shale revolution has made them too encumbered to be attractive targets for acquisition ExxonMobil (ticker: XOM, ExxonMobil.com) CEO Rex Tillerson said. “It’s like buying a home with a big
‘Sitting in Ambush’ for Russian Companies Bank of China has agreed to loan Russian state-owned gas giant Gazprom (ticker: OGZPY) €2 billion ($2.17 billion). In the company’s press release, Gazprom said the loan was the largest deal in terms of the amount of financing attracted directly from one financial institution and the first bilateral loan facility agreement with a Chinese
The Wrath of Godzilla Oil and gas companies have become wary of debt like the residents of Odo feared the wrath of Godzilla, rising up from the sea to wreak havoc at any moment and smashing buildings in a single bound. In a highly capital intensive industry like oil and gas development, debt is a necessity. Bank debt and corporate
Petrobras plans to use loan to help pay down debt Petrobras (ticker: PBR, Petrobras.com) will receive a $10 billion loan from the China Development Bank to help pay down the company’s debt coming due this year, according to a report from China Business News. In exchange for helping PBR pay its $12 billion 2016 debt, Petrobras will supply oil to
Pool of companies in Moody’s lowest credit rating grows; but risk of bankruptcy is minimal for a few standouts Continued pressure from low oil prices has prompted Moody’s Investor Service to put 264 companies in its lowest credit rating, just shy of a record high 291 in April 2009. The growing number of companies included in Moody’s lowest credit rating
Cheniere aims at credit due before 2020 Cheniere Energy (ticker: LNG, Cheniere.com) announced that it has engaged 13 financial institutions in order to structure and arrange senior secured credit facilities in an aggregate principal amount of up to approximately $2.8 billion, according to a company press release. Cheniere hopes to use the proceeds from the new credit facility to redeem
The cost of insuring Saudi debt more than doubled in the last 12 months Investors looking for security on Saudi Arabia’s debt are looking at rates similar to what they would pay for Portugal, which carries a junk credit-rating, seven levels below Saudi Arabia’s Aa3 investment grade at Moody’s Investors Service. The cost of insuring the kingdom’s debt more than
Goodrich Petroleum (ticker: GDP) reorganized its debt structure on September 2, 2015 in an effort to enhance near-term liquidity. The terms, as explained in a company-issued news release, include replacing its initial loan of $55 million in 5% senior convertible notes due 2032 in exchange for $27.5 million in 5% senior convertible notes also due 2032. The new agreement carries
Talking to Putin Tomorrow to Figure Out How to Stabilize Oil Prices Venezuela has struck a deal with China, its most generous creditor in recent years, for $5 billion designed to increase oil production in the coming months. Venezuela President Nicolas Maduro confirmed the agreement via a television broadcast on the evening of September 1 but was not specific on
