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JPMorgan Chase Agents Halcón Resources $600MM Credit Facility

September 12, 2016, 08:11 AM
Filed Under: Energy

Halcón Resources Corporation 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. JPMorgan Chase is named as agent for the facility according to an SEC 8-K filing.

PJT Partners served as Halcón’s financial advisor and Weil, Gotshal & Manges, LLP acted as legal advisor to the Company in relation to the Restructuring Plan and the chapter 11 cases.

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.

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