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Article:
Stock’s Trading Stats:
Rex Energy Corporation (NASDAQ:REXX) surged 10.32% Friday and closed at $0.761. The company’s market capitalization is at $47.84Million with an average trading volume of 4.76Million. The total number of Outstanding Shares Held by the company are 56.95Million.
Recent Press Release:
Rex Energy Corporation (REXX) declared that it has completed its previously announced exchange offer and consent solicitation related to the Company’s outstanding 8.875% Senior Notes due 2020 (the “2020 Notes”) and 6.250% Senior Notes due 2022 (the “2022 Notes” and, together with the 2020 Notes, the “Existing Notes”). The Company offered to exchange (the “Exchange Offer”) any and all of the Existing Notes held by eligible holders for up to (i) $675,000,000 aggregate principal amount of the Company’s new Senior Secured Second Lien Notes (the “New Notes”) and (ii) 10,125,000 shares of the Company’s common stock (the “Shares”), upon the terms and subject to the conditions set forth in the Company’s Confidential Offering Memorandum and Consent Solicitation Statement (the “Offering Memorandum”), dated February 3, 2016, as supplemented by the Supplement to the Offering Memorandum dated March 14, 2016 and the Second Supplement to the Offering Memorandum dated March 22, 2016, and the related revised Letter of Transmittal, dated March 14, 2016. Concurrently with the Exchange Offer, the Company solicited consents (the “Consent Solicitation”) from eligible holders to proposed amendments to the indentures governing the Existing Notes to eliminate certain restrictive covenants (the “Indenture Amendments”).
The Exchange Offer and Consent Solicitation expired at 9:00 a.m., New York City time, on March 30, 2016. In exchange for $323,980,000 in aggregate principal amount of the 2020 Notes, representing approximately 92.57% of the outstanding aggregate principal amount of the 2020 Notes, and $309,135,000 in aggregate principal amount of the 2022 Notes, representing approximately 95.12% of the outstanding aggregate principal amount of the 2022 Notes, validly tendered (and not validly withdrawn) in the Exchange Offer, the Company (i) issued $633,657,047 aggregate principal amount of its New Notes and (ii) issued 8,412,615 Shares (such amounts reflect the election by certain tendering holders to receive additional amounts of New Notes in lieu of Shares). The Company also paid in cash accrued and unpaid interest on Existing Notes accepted in the Exchange Offer from the applicable last interest payment date to, but not including, March 31, 2016. The New Notes will bear interest at a rate of 1.0% per annum for the first three semi-annual interest payments after issuance and 8.0% per annum payable in cash thereafter.
As the Company received the necessary consents to effect the Indenture Amendments, any Existing Notes not validly tendered pursuant to the Exchange Offer remain outstanding and the holders are subject to the terms of the supplemental indenture implementing the Indenture Amendments.
Bonanza Creek Energy Inc (NYSE:BCEI)
Stock’s Trading Stats:
Bonanza Creek Energy Inc (NYSE:BCEI) closed at $1.52Friday by showing a increase of 9.35%. The total number of outstanding shares held by the company are 49.74 Million with the total market capitalization of $82.68 Million. The number of shares traded on the last trading session are 2.38 Million.
Recent Press Release:
Bonanza Creek Energy Inc (BCEI) announced it has performed a corporate reorganization, which resulted in a total workforce reduction of 26 employees and 17 contractors. The reorganization aligns its employee base and general and administrative cost structure with the current commodity price environment and resulting anticipated activity level.
Moreover, each of William J. Cassidy, Executive Vice President and Chief Financial Officer, and Christopher I. Humber, Executive Vice President, General Counsel and Secretary, will separate from their positions with the Company. Mr. Cassidy joined the Company in 2013 and served as its Executive Vice President and Chief Financial Officer. Mr. Humber joined the Company in 2012 as its Executive Vice President, General Counsel and Secretary immediately following its initial public offering.
As a result of the reorganization and executive departures, the Company will incur a one-time charge of approximately $2.1 million related to severance payments, and expects its annual general and administrative expense and lease operating expense to be reduced by approximately $7.6 million and $3.1 million, respectively.
Bonanza Creek Energy Inc (BCEI), an independent energy company, engages in the acquisition, exploration, development, and production of onshore oil and associated liquids-rich natural gas in the United States.
Source: News Oracle
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(NYSE:BCEI) (NASDAQ:REXX)_and we do not hold any positions.
