EPL Announces Completion of Refinancing
29 Giugno 2010 - 4:36PM
Business Wire
Energy Partners, Ltd. (EPL or the Company) (NYSE:EPL) announced
the completion of two previously announced events including its
refinancing and the return of $8.9 million of cash previously
collateralizing surety bond obligations. Additionally, it announced
its inclusion in the Russell 2000 Index last Friday.
On June 28, 2010, the amendment of EPL’s $125 million Senior
Secured Credit Facility (Credit Facility) with General Electric
Capital Corporation became effective, and EPL redeemed its
outstanding Senior Subordinated PIK Notes due 2014 (the Notes).
Using funds available under the Credit Facility coupled with cash
on hand, a redemption payment was made totaling $70.9 million of
principal and accrued interest in connection with the redemption of
the Notes. The Credit Facility was resized and provides for an
initial $70 million borrowing base that supports a new $25 million
term loan and a three-year revolving credit facility with $45
million of availability, which was undrawn following the redemption
of the Notes. The Company expects to end the second quarter 2010
with cash in excess of debt.
EPL also reported that it has received $8.9 million of cash
collateral previously held in escrow accounts supporting
supplemental and other ordinary course surety bonding obligations
as anticipated during the second quarter. As previously announced,
the Company regained its supplemental waiver status with the
federal agency formerly known as the Minerals Management Service,
which, when coupled with EPL’s greatly improved financial position
since its reorganization in 2009, led to the return of all
collateral held by surety companies for surety bonding
obligations.
Gary C. Hanna, EPL’s CEO stated, “As announced previously, this
refinancing of our subordinated debt to reduce our cost of capital
was a top priority in 2010 and we are pleased to report it has been
completed on schedule in the second quarter. We expect to end the
quarter with net cash and in excess of $70 million of liquidity, a
solid balance sheet and substantial go-forward financial
flexibility.”
The Company also announced today that its common shares are now
included in the Russell 2000 Index, which was reconstituted by
Russell Investments (www.russell.com) on June 25, 2010. Membership
in the Russell 2000 Index, which will remain in place for one year,
means automatic inclusion in the appropriate Russell Investments
growth and value style indexes. Russell Investments determines
membership for its equity indexes primarily by objective, market
capitalization rankings and investment style attributes.
Description: Founded in
1998, EPL is an independent oil and natural gas exploration and
production company based in New Orleans, LA and Houston. The
Company’s operations are concentrated in the shallow to moderate
depth waters in the Gulf of Mexico focusing on the areas offshore
Louisiana. For more information, please visit www.eplweb.com.
Forward-Looking Statements
This press release may contain forward-looking information and
statements regarding EPL. Any statements included in this press
release that address activities, events or developments that EPL
expects, believes, plans, projects, estimates or anticipates will
or may occur in the future are forward-looking statements. We
believe these judgments are reasonable, but actual results may
differ materially due to a variety of important factors. Among
other items, such factors might include: changes in general
economic conditions; uncertainties in reserve and production
estimates; unanticipated recovery or production problems; hurricane
and other weather-related interference with business operations;
the effects of delays in completion of, or shut-ins of, gas
gathering systems, pipelines and processing facilities; oil and
natural gas prices and competition; the impact of derivative
positions; production expenses and expense estimates; cash
flow and cash flow estimates; future financial performance;
planned and unplanned capital expenditures; volatility in the
financial and credit markets or in oil and natural gas prices; and
other matters that are discussed in EPL's filings with the
Securities and Exchange Commission. (http://www.sec.gov/).
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