Mon 05/18/2020 12:15 PM
Fieldwood Energy is operating under forbearance agreements with its lenders after missing interest payments due April 30 on its first and second lien term loans, and such forbearance agreements are currently scheduled to expire on May 31, according to sources. The agreements, which include an option to extend with consent from requisite lenders, include May 31 as an outside date for the company to file for chapter 11, they added.
The company’s $1.14 billion exit first lien term loan due April 2022 was quoted today at 10.5/12.5, and its $517.5 million exit second lien term loan due April 2023 was quoted at 2/7, according to a trading desk. The capital structure includes a $150 million first lien first out letter of credit facility due December 2021 with $50 million outstanding as of Dec. 31 that is not actively quoted.
Fieldwood Energy is working with Houlihan Lokey as financial advisor, and a group of term lenders is working with Davis Polk as legal advisor and Rothschild as financial advisor, Reorg
reported.
The company and its sponsor, Riverstone Holdings, did not immediately respond to requests for comment.
--Andrew Berlin
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