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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
JPMorgan Chase Agents Halcón Resources $600MM Credit Facility
Monday, September 12, 2016
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Lenders/Participants
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JPMorgan Chase Bank [Administrative Agent]
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Structure
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Reserve-based Senior Revolving Credit Facility
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Amount
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$600.000
Million
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Borrower(s)
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Halcón Resources Corporation
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Description
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Company announced it has completed its financial restructuring (the “Restructuring Plan”) and has emerged from its pre-packaged chapter 11 bankruptcy cases. All of the conditions under its Plan of Reorganization, which was confirmed by the US Bankruptcy Court for the District of Delaware on September 8, 2016, have been satisfied or otherwise waived in accordance with the terms of the Restructuring Plan. Approximately $1.8 billion of the Company’s debt has been eliminated under the Restructuring Plan along with more than $200 million of annual interest expense going forward. As part of the emergence, Halcón’s $600 million debtor-in-possession credit facility was converted into a $600 million reserve-based senior revolving credit facility. The first borrowing base redetermination is scheduled for May of 2017. The maturity date of the Exit Facility is the earlier of (i) July 28, 2021 and (ii) the 120th day prior to the February 1, 2020 stated maturity date of the Company’s 2020 Second Lien Notes (as defined in the Exit Credit Agreement), if such notes have not been refinanced, redeemed or repaid in full on or prior to such 120th day. Until such maturity date, the Loans under the Exit Credit Agreement shall bear interest at a rate per annum equal to (i) the alternative base rate plus an applicable margin of 1.75% to 2.75%, based on the borrowing base utilization percentage under the Exit Facility or (ii) adjusted LIBOR plus an applicable margin of 2.75% to 3.75%, based on the borrowing base utilization percentage under the Exit Facility.
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Industry
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Energy
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JPMorgan Chase Bank
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ABL Advisor
Deal Tables
2025
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