Finance & Investing | Debt | Fundraising | Capital Markets
Warren Resources Wraps Up Strategic Refinancing
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Warren Resources, Inc. announced the closing of a privately negotiated second lien loan transaction that provides Warren with approximately $11.0 million of new money and approximately $40.1 million of second lien term loans through the exchange of approximately $63.1 million of unsecured notes (plus accrued interest). In connection with this exchange, Warren also issued 4,000,000 shares of its common stock to the exchanging noteholders. Following this transaction and the previously announced first lien transaction in May 2015, a total of approximately $167.0 million in unsecured high yield notes will remain outstanding.
The new second lien loan has a term of five years and an annual interest rate of 12%, with interest payable semi-annually in arrears. On the first three semi-annual…
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