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STACK Operator Faces Default As Lender Cut Credit Line
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Chaparral Energy has filed a 8k in which the company announced that its borrowing based was redetermined and cut from $325 million to $175 million.
This means that Chaparral has the option to pay back the $75 million over six (6) months in equaul monthly payments of $12.5 million.
The company currently has ~$440 million in total debt. Production was 29.7 Mboe/d (32% oil). Proved reserves at 12/31/2019 was 96.5.8 MMBOE, which was up +1% over 2018. Howerver the oil mix was down -15% to 27.2 MMBBL vs 32.2 MMBBL in 2018.
Here is how it all went down:
On April 2, 2020 Chaparral notified its lenders it would be drawing down $90 million from its revolver to shore up its liquidity position. The company recieved the funds which increased its cash on hand to $109 million.
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