Advisor to the ad hoc noteholder group on the Company’s CBCA restructuring
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
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
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