"We view the transaction as a distressed exchange because at the close of the exchange unsecured debt investors received value of less than what was originally promised on the senior unsecured notes," said Standard & Poor's credit analyst Michael Tsai, in a statement on Friday.Įvercore Group LLC was the company's financial adviser on the transactions, and Kirkland & Ellis LLP provided the company with legal advice. The company said the exchange was done at 80% of par. The third lien-notes mature on the earlier of June 1, 2020, or 12 months after its revolving credit facility comes due. The new third-lien notes, which were also issued on May 21, bear interest at 10% in cash and 2% pay-in-kind. 1, 2012, and issued the 9.25% notes on May 31, 2013.)Īccording to Finra's Trace, the 10.75% notes last traded at 48 and the 9.25% notes last traded at 45.25 on Friday. (Midstates Petroleum issued the 10.75% notes on Oct. 1, 2020, and $350.3 million of its $700 million in 9.25% senior unsecured notes due June 1, 2021, for $504.1 million in new 12% third-lien senior secured notes. The company also exchanged $279.8 million of its $600 million in 10.75% senior unsecured notes due Oct.
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The revolver matures on May 31, 2018, and is priced at Libor plus 200 basis points to 300 basis points. The next borrowing base redetermination is scheduled for October. The revolving credit facility was also amended to provide the company with additional covenant flexibility, the statement said. The borrowing base on the revolver was reduced to $253 million on May 21 from $525 million. The company owed $435.2 million on the revolver and had $1.4 million in outstanding letters of credit on the revolver as of March 31. Midstates Petroleum has a $750 million senior secured revolver led by administrative agent SunTrust Bank NA. The company is also using the proceeds for general corporate purposes. Midstates Petroleum used the proceeds to fully repay what was outstanding on its revolving credit facility. Wilmington Trust NA is the indenture trustee on the notes, according to filings with the Securities and Exchange Commission. The new second-lien notes, which were issued on May 21, will mature on the earlier of June 1, 2020, and 12 months after its revolving credit facility comes due. The company raised $625 million in 10% senior secured second-lien notes due June 1, 2020, through a private offering. The Tulsa, Okla.-based oil and gas exploration and production company, with operations in Oklahoma, Texas and Louisiana, announced on Thursday, May 21, that it has substantially increased its liquidity.
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(MPO) has boosted its liquidity by $420 million through a series of transactions, including raising new second-lien notes and swapping unsecured debt for third-lien debt. Distressed oil and gas explorer Midstates Petroleum Co.