Finance & Investing | Debt | Capital Markets
Bonanza Creek Makes Interest Payment as Stock Falls Below $1.00
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Bonanza Creek Energy Inc. has reported an interest payment update and changes to its stock compliance.
Interest Payment
Bonanza Creek has elected to pay interest on its senior unsecured notes due 2023. Interest on these notes was due on August 1, 2016, at which time the Company elected to not make the interest payment and enter into a 30-day grace period. By paying the interest within the 30-day grace period, the Company remains in compliance with its senior unsecured notes due 2023.
Stock
Bonanza Creek Energy, Inc. is no longer in compliance with certain continued listing standards for the NYSE.
The Company's 30-day average closing share price as of August 22, 2016 was $0.98, in violation of the listing standard set forth in Section 802.01C of the NYSE Listed Company Manual, requiring the trailing 30-day average closing share price to remain above $1.00.
The Company has a six month cure period to regain compliance.
Bonanza Creek plans to notify the NYSE of its intention to regain compliance within the six month cure period.
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