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Vanguard Natural Announced Successfully Completes Financial Restructuring

Gasoil News - Published on Mon, 22 Jul 2019

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Vanguard Natural Resources announced that it successfully completed its financial restructuring and emerged from Chapter 11 as a new limited liability company under the name of Grizzly Energy, LLC. Through its financial restructuring, the Company eliminated more than USD 500 million of secured debt from its balance sheet and significantly enhanced its financial flexibility. At its emergence, the Company is entering into an amended and restated USD 65 million reserve-based revolving credit facility, a first lien term loan A facility of USD 65 million and a "last out" first lien term loan B facility of USD 285 million. The initial borrowing base under the revolving credit facility shall be USD 65 million, with the first scheduled redetermination of the revolving credit facility borrowing base in April 2020. Grizzly will emerge from Chapter 11 with approximately USD 375 million of funded debt and USD 47 million of liquidity comprised of more than USD 7 million in cash and USD 40 million of unused revolver capacity.

Mr R Scott Sloan, President and CEO, said that "We are very pleased to have completed this reorganization and look forward to working with our stakeholders and Board members in charting a course for the Company with this firmer financial footing. I want to also add a special thanks to all of our employees whose dedication and hard work managing and administering our assets has been exceptional during this process."

The new Board of Directors collectively echoed Mr Sloan's comments stating, "The Board recognizes and appreciates the efforts of management, employees, the advisors and the other stakeholders in collectively completing the restructuring process in under four months. The Board looks forward to working closely with management to maximize value for our stakeholders."

Strategic Research Institute, SteelGuru

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Posted By : Ratan Singh on Mon, 22 Jul 2019
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