Capital Markets | Debt Exchange/Swaps
Approach Swaps Debt for Equity
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Approach Resources has closed a transaction with Wilks Brothers and SDW Investments entities beneficially owned by the Wilks Family Office, to exchange $130,552,000 of the Company's 7.00% senior notes due 2021, for 39,165,600 new shares of common stock, par value $0.01 per share, at an implied issue price of $3.33 per share.
The Exchange Transaction will: Reduce the Company's long-term debt by $130.6 million; Generate approximately $40 million in future interest savings and enhance the Company's liquidity; Provide the Company flexibility to increase its capital budget out of operating cash flow and return the Company to production growth in anticipation of a continued commodity price recovery; Increase the Company's financing and strategic flexibility by removing certain restrictive…- ✓ Full news archive — U.S., Canada & international coverage
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