Page 14 - NorthAmOil Week 42

NorthAmOil
NEWS IN BRIEF
NorthAmOil
with our subcontractors, suppliers and other business counterparties, all as part of our efforts to enhance our position as a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry.”
McDermott continues to pursue the previously announced strategic alternatives process for Lummus Technology and the sale process for the remaining portion of the pipe fabrication business. McDermott has decided to terminate its previously announced sale process for its industrial storage tank business. MCDERMOTT INTERNATIONAL, October 22, 2019
MOVES
Sable Permian Resources announces the merger
of assets with American
Energy – Permian Basin
after the successful
completion of American
Energy – Permian Basin’s
comprehensive and
consensual recapitalisation
Sable Permian Resources announces the merger of assets with American Energy
– Permian Basin and the successful completion of AEPB’s previously announced comprehensive and consensual debt recapitalisation transaction.
Pursuant to the recapitalisation transaction, AEPB repurchased approximately $2.1bn of its outstanding 13.000% senior secured first lien notes due 2020, 8.000% senior secured second lien notes due 2020, floating rate senior notes due 2019, 7.125% senior notes due 2020 and 7.375% senior notes due 2021 and issued approximately
$708mn aggregate principal amount of new 12.000% senior secured notes due 2024.
In connection with the recapitalisation transaction, AEPB, through its wholly-owned subsidiary AEPB Acquisition Company (“AcqCo”) also entered in to an amended and restated credit facility.
The recapitalisation transaction reduced AEPB’s debt obligations by approximately $1.4bn and reduced AEPB’s upcoming
debt maturities over the next four years to approximately $36mn from approximately $2.1bn. In addition, the recapitalisation transaction eliminated approximately $94mn of annual cash interest expense and simplified AEPB’s organisational structure. In connection with the company’s merger of assets and the recapitalisation transaction, the company’s and AcqCo’s existing credit facilities were repaid and replaced with a consolidated and upsized $1.0bn facility with an initial borrowing base of $700mn, led by JP Morgan Chase & Co., at the company’s subsidiary, AcqCo.
SABLE PERMIAN RESOURCES, October 18, 2019
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Week 42 22•October•2019