NEW YORK, July 21, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Magnum Hunter
Resources Corp. (NYSE: MHR). Select highlights from the internally
released reports are being made available to the general public
(included below), with access to the entirety of the research
available to new members.
Today, membership is open to readers on a complementary basis at
the following URL: http://www.aciassociation.com/?c=MHR
Highlights from our MHR Report include:
- Acceptance of Commitment -
The independent oil and gas company Magnum Hunter Resources Corp.
announced on July 8, 2015 that it has
received and accepted a firm commitment from the Bank of
Montreal, administrative agent and
lead lender its senior secured revolving credit facility (the
Facility). Bank of Montreal is the
administrative agent and lead lender under the facility. As per the
release, Magnum Hunter accepted the Bank's commitment to consent to
certain amendments and waivers with respect to the Facility (the
Amendments) and to assume the interests under the Facility of each
other current member of the Facility's lending syndicate that may
not choose to consent to the Amendments contemplated by the new
Commitment.
- Reduced Obligations after Amendments - The
acceptance of this new commitment eliminated Magnum Hunter's
obligation under the Facility to raise $65
million by July 10, 2015.
Moreover, the Amendments will include waivers of compliance by the
Company with the current ratio and total secured net debt to
EBITDAX ratio covenants currently existing under the Facility until
the earlier of (i) the fiscal quarter ending December 31, 2015 or (ii) the fiscal quarter
during which the Company closes the sale of all or substantially
all of the Company's equity ownership interest in Eureka Hunter
Holdings, LLC (Eureka Hunter).
- Improved Liquidity Position - Chairman of the
Board and Chief Executive Officer of Magnum Hunter, Gary C. Evans said, "This new amendment under
our existing senior bank loan facility provides Magnum Hunter the
freedom and flexibility to continue down the liquidity enhancing
path we have been on all year without minimum short-term mandated
requirements." He added, "We believe the actions we are currently
undertaking will significantly enhance our balance sheet and
improve our liquidity position which will allow us to continue
exploiting our vast Appalachian lease acreage position later this
year."
To find out how this influences our rating on Magnum Hunter
Resources Corp., read the full report in its entirety here:
http://www.aciassociation.com/?c=MHR
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