Matador Resources Company (NYSE: MTDR) (“Matador”) today
announced the expiration and results of its previously announced
cash tender offer (the “Tender Offer”) to purchase any and all of
the approximately $699.2 million outstanding aggregate principal
amount of its 5.875% Senior Notes due 2026 (the “Notes”).
The Tender Offer expired at 5:00 p.m., New York City time, on
April 1, 2024 (the “Expiration Time”). As of the Expiration Time,
an aggregate principal amount of $556,325,000, or approximately
80%, of the Notes were validly tendered and not validly withdrawn,
which amount excludes $7,686,000 aggregate principal amount of the
Notes that remain subject to guaranteed delivery procedures
described in the Offer to Purchase and the Notice of Guaranteed
Delivery (each as defined below). Matador has accepted for purchase
all Notes validly tendered prior to the Expiration Time pursuant to
the Tender Offer and expects to pay the consideration (the
“Consideration”) for such Notes on April 2, 2024 (the “Settlement
Date”). Matador also expects to accept for purchase all Notes that
remain subject to guaranteed delivery procedures and to pay the
Consideration for such Notes on April 4, 2024.
The Consideration to be paid for the Notes is $1,000.75 for each
$1,000 principal amount of the Notes validly tendered and accepted
for purchase pursuant to the Tender Offer, plus an amount equal to
any accrued and unpaid interest up to, but not including, the
Settlement Date. For the avoidance of doubt, interest on the Notes
will cease to accrue on the Settlement Date for all Notes accepted
in the Tender Offer. All Notes accepted in the Tender Offer will be
canceled and retired by Matador.
Matador intends to exercise its optional right, under the
indenture governing the Notes, to redeem any Notes outstanding on
September 15, 2024 and, in accordance therewith, to satisfy and
discharge its obligations under such indenture.
The Tender Offer is being made pursuant to the terms and
conditions contained in the offer to purchase (the “Offer to
Purchase”) and related notice of guaranteed delivery (the “Notice
of Guaranteed Delivery”), each dated March 26, 2024, copies of
which may be requested from the information agent for the Tender
Offer, Global Bondholder Services Corporation, at (212) 430-3774
(brokers and banks) and (855) 654-2015 (all others; toll-free), by
email at contact@gbsc-usa.com or via the following web address:
www.gbsc-usa.com/matadorresources. BofA Securities, Inc. is acting
as Dealer Manager for the Tender Offer. Questions regarding the
Tender Offer may be directed to the Dealer Manager at (980)
388-4370 (collect) and (888) 292-0070 (toll-free), or by email at
debt_advisory@bofa.com.
This press release is for informational purposes only, does not
constitute a notice of redemption or satisfaction and discharge
under the indenture governing the Notes and is neither an offer to
sell nor a solicitation of an offer to buy any security, nor a
solicitation for an offer to purchase any security, including the
Notes, nor does it constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Matador Resources Company
Matador is an independent energy company engaged in the
exploration, development, production and acquisition of oil and
natural gas resources in the United States, with an emphasis on oil
and natural gas shale and other unconventional plays. Its current
operations are focused primarily on the oil and liquids-rich
portion of the Wolfcamp and Bone Spring plays in the Delaware Basin
in Southeast New Mexico and West Texas. Matador also operates in
the Eagle Ford shale play in South Texas and the Haynesville shale
and Cotton Valley plays in Northwest Louisiana. Additionally,
Matador conducts midstream operations in support of its
exploration, development and production operations and provides
natural gas processing, oil transportation services, oil, natural
gas and produced water gathering services and produced water
disposal services to third parties.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. “Forward-looking statements” are statements related to
future, not past, events. Forward-looking statements are based on
current expectations and include any statement that does not
directly relate to a current or historical fact. In this context,
forward-looking statements often address expected future business
and financial performance, and often contain words such as “could,”
“believe,” “would,” “anticipate,” “intend,” “estimate,” “expect,”
“may,” “should,” “continue,” “plan,” “predict,” “potential,”
“project,” “hypothetical,” “forecasted” and similar expressions
that are intended to identify forward-looking statements, although
not all forward-looking statements contain such identifying words.
Such forward-looking statements include, but are not limited to,
statements about guidance, projected or forecasted financial and
operating results, future liquidity, the payment of dividends,
results in certain basins, objectives, project timing, expectations
and intentions, regulatory and governmental actions and other
statements that are not historical facts. Actual results and future
events could differ materially from those anticipated in such
statements, and such forward-looking statements may not prove to be
accurate. These forward-looking statements involve certain risks
and uncertainties, including, but not limited to, risks and
uncertainties related to the capital markets generally, as well as
the following risks related to financial and operational
performance: general economic conditions; the Company’s ability to
execute its business plan, including whether its drilling program
is successful; changes in oil, natural gas and natural gas liquids
prices and the demand for oil, natural gas and natural gas liquids;
its ability to replace reserves and efficiently develop current
reserves; the operating results of the Company’s midstream oil,
natural gas and water gathering and transportation systems,
pipelines and facilities, the acquiring of third-party business and
the drilling of any additional salt water disposal wells; costs of
operations; delays and other difficulties related to producing oil,
natural gas and natural gas liquids; delays and other difficulties
related to regulatory and governmental approvals and restrictions;
impact on the Company’s operations due to seismic events; its
ability to make acquisitions on economically acceptable terms; its
ability to integrate acquisitions; disruption from the Company’s
acquisitions making it more difficult to maintain business and
operational relationships; significant transaction costs associated
with the Company’s acquisitions; the risk of litigation and/or
regulatory actions related to the Company’s acquisitions;
availability of sufficient capital to execute its business plan,
including from future cash flows, available borrowing capacity
under its revolving credit facilities and otherwise; the operating
results of and the availability of any potential distributions from
our joint ventures; weather and environmental conditions; and the
other factors that could cause actual results to differ materially
from those anticipated or implied in the forward-looking
statements. For further discussions of risks and uncertainties, you
should refer to Matador’s filings with the Securities and Exchange
Commission (“SEC”), including the “Risk Factors” section of
Matador’s most recent Annual Report on Form 10-K and any subsequent
Quarterly Reports on Form 10-Q. Matador undertakes no obligation to
update these forward-looking statements to reflect events or
circumstances occurring after the date of this press release,
except as required by law, including the securities laws of the
United States and the rules and regulations of the SEC. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
All forward-looking statements are qualified in their entirety by
this cautionary statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20240402996052/en/
Mac Schmitz Vice President – Investor Relations
investors@matadorresources.com (972) 371-5225
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