Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers M > Headlines for Memorial Production Partners LP > News item |
Memorial Production secures noteholder forbearance, lender waiver
By Susanna Moon
Chicago, Dec. 1 – Memorial Production Partners LP has entered into a forbearance agreement with holders of 51.7% of its 7 5/8% senior notes due 2021 and of 69% of its 6 7/8% senior notes due 2022.
The noteholders have agreed to forbear from exercising their rights as a result of the company’s decision to skip paying $24.6 million of interest due on the 2021 notes, according to a company announcement.
The forbearance is in effect through Dec. 7.
In addition, the company has reached an agreement with the lenders under its revolving credit facility for a waiver until Dec. 16.
The company said it “is engaged in ongoing discussions with its lenders and a steering committee of its noteholders regarding potential strategic alternatives to strengthen its balance sheet and improve its capital structure.”
The forbearance and extended waiver “allow the parties to continue this dialogue and work towards a comprehensive solution that substantially improves [the company’s] balance sheet.”
The company said its operations are continuing as usual.
Perella Weinberg Partners LP is the financial adviser.
Memorial is focused on the acquisition, production and development of oil and natural gas properties in the United States. The company is based in Houston.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.