Halcón Resources Announces Results of its Tender Offer to Purchase Up to 50% of its 6.75% Senior Notes due 2025 and the Rede...
October 10 2017 - 7:30AM
Halcón Resources Corporation (NYSE:HK) (“Halcón” or the “Company”)
announced today it completed its previously disclosed tender offer
to purchase for cash up to $425 million principal amount of
the outstanding $850 million principal amount of its
unsecured 6.75% Senior Notes due 2025 (the "6.75% Notes") at 103%
of par plus accrued interest. The Company also
announced it completed its previously disclosed redemption of its
outstanding 12.0% Second Lien Notes due 2022 (the "12.0%
Notes").
As of the expiration time, at 5:00 p.m., New
York City time, on October 6, 2017, Holders representing in excess
of $425 million of principal amount of the 6.75% Notes validly
tendered their 6.75% Notes. Accordingly, the Company
purchased $425 million of the 6.75% Notes at 103% of par plus
accrued interest. As a result of the tender offer being
oversubscribed, the purchase of validly tendered 6.75% Notes will
be prorated in accordance with the indenture and the procedures of
DTC as described in the Offer to Purchase.
Separately, the Company fully redeemed its 12.0%
Notes on October 7, 2017, in accordance with the terms of the
indenture governing such notes. As previously announced, all
of the obligations of the Company and the subsidiary guarantors
under the 12.0% Notes were satisfied and discharged on September 7,
2017. After giving effect to the tender offer and redemption,
Halcón’s only remaining debt is $425 million in principal amount of
its 6.75% Notes. The Company’s liquidity as of June 30, 2017,
was approximately $759 million pro forma for these transactions and
Halcón’s other previously announced activities.
This press release does not constitute an offer
to purchase securities or a solicitation of an offer to purchase
any securities, nor does it constitute an offer or solicitation in
any jurisdiction in which such offer or solicitation is
unlawful.
About Halcón Resources
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.
For more information contact Quentin Hicks,
Senior Vice President of Finance & Investor Relations, at
832-538-0557 or qhicks@halconresources.com.
Forward-Looking Statements
This release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Statements that are not strictly
historical statements constitute forward-looking statements
and may often, but not always, be identified by the use
of such words such as "expects", "believes", "intends",
"anticipates", "plans", "estimates", "potential",
"possible", or "probable" or statements that certain
actions, events or results "may", "will", "should", or "could" be
taken, occur or be achieved. Forward-looking statements are
based on current beliefs and expectations and
involve certain assumptions or estimates that
involve various risks and uncertainties that could cause
actual results to differ materially from those reflected in the
statements. These risks include, but are not limited to, those set
forth in the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2016 and other filings submitted by the
Company to the U.S. Securities and Exchange Commission
(SEC), copies of which may be obtained from the SEC's website
at www.sec.gov or through the Company's website
at www.halconresources.com. Readers should not place
undue reliance on any such forward-looking statements, which are
made only as of the date hereof. The Company has no duty,
and assumes no obligation, to update forward-looking
statements as a result of new information, future events
or changes in the Company's expectations.
Quentin Hicks
Senior Vice President - Finance and Investor Relations
Halcon Resources (NYSE:HK)
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