Vine Oil & Gas LP has extended the maturity of its $150 million superpriority facility and $350 million first lien RBL by one year to November 2021, according to a private disclosure to noteholders reviewed by Reorg. Continue reading for the Americas Core Credit by Reorg team's coverage of Vine Oil & Gas, and request a trial to follow more energy companies in the U.S.
The disclosure, dated Sept. 17, states, “On September 16, 2020, “Vine exercised its unilateral option to extend the maturity of the Superpriority and RBL (collectively, the “1st Lien Credit Facility”) to November 25, 2021 for consideration of a contractual 25bps payment. All terms currently in place, including the $500 million guaranteed borrowing base floor, pricing and maintenance covenants, remain unchanged through the new maturity date.”
The superpriority facility and the first lien RBL were set to mature in November 2020, following a previous one-year extension from its original November 2019 maturity date. CFO Wayne Stoltenberg said on Vine’s private second-quarter earnings call
in August that the company was “examining options to address the facility.”
Vine’s 9.75% unsecured notes traded in size today at 72.25, up from 72 on Sept. 16, while the 8.75% unsecured notes last traded in size at 72 on Sept. 16, according to TRACE.
As of June 30, the company had drawn $265 million on its first lien RBL revolver, $30 million of which was used to fund a dividend to Vine Oil & Gas Parent LP, a wholly owned subsidiary of sponsor Blackstone, in July, Reorg reported.
Blackstone declined to comment. Vine Oil & Gas did not immediately reply to a request for comment.