Financial Advisor
Bellatrix Exploration Ltd.
Capital Solutions
Advisor To The Ad Hoc Noteholder Group On The Company’s CBCA Restructuring
Transaction Details
On June 4, 2019, Bellatrix Exploration Ltd. (“Bellatrix”) completed its Recapitalization Transaction implemented pursuant to the court-approved Plan of Arrangement under the Canada Business Corporations Act (CBCA)
• Prior to the transaction, the Company had approximately $332.5 million of total debt
− The transaction resulted in a reduction of approximately $83.3 million of total debt and extension of its Revolving Credit Facility
• The Company’s Senior Unsecured Notes of $145.8 million, plus accrued and unpaid interest, have been exchanged for:
− $50.0 million of New Second Lien Notes
− $54.8 million of New Third Lien Notes
− New common shares representing ~51% of common shares outstanding
• Stephens Inc. served as exclusive financial advisor to the Ad Hoc Group of Unsecured Noteholders
About the company
Bellatrix Exploration Ltd.
Bellatrix Exploration Ltd. is a publicly-traded Canadian based oil and natural gas company with highly concentrated operations in West Central Alberta, focused on the development of the Cardium and Spirit River Liquids rich natural gas plays. The company was founded in 2000 and is headquartered in Calgary, Canada
Source: Bellatrix public filings
-
This material has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the material was obtained from external sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. Such information is believed to be accurate on the date of issuance of the material. No subsequent publication or distribution of this material shall mean or imply that any such information or opinion remains current at any time after the stated date of the material. We do not undertake to advise you of any changes in any such information or opinion. Additional information is available upon request.