Page 18 - June 29 2020
P. 18
Includes process colour pages 1,4,5,7,10,11,14,15,18,20,21,24
THE WEEKLY ANCHOR
THE WEEKLY ANCHOR
PAGE 18 MONDAY JUNE 29, 2020 MONDAY JUNE 15, 2020 PAGE 13
A Monthly update on the Oil & Gas and Energy Industry
ENERGY EDUCATION IN ACTION
Bonavista announces recapitalization transaction
Bonavista Energy Corporation (TSX: current outstanding debt) and reduce cash senior debt-holders. Other lenders
BNP) announced on June 19 a proposed interest payments by approximately $16 would get 3.3% of the company in
recapitalization transaction designed to million annually (representing 43% of the exchange for reducing their debt owed
balance the capital structure and company's current annual cash interest by half.
strengthen the company's overall payments). In the deal existing shareholders will
financial position. Bonavista stated it The deal with lenders would eliminate have the option to sell their shares for
carefully considered, among other about half of Bonavista's outstanding debt 5 cents each.
things, its overall capital structure, its but leave existing shareholders with only Completion of the Recapitalization
debt levels, upcoming maturities and 7% of the company. Shares in the Calgary- Transaction pursuant to the Plan of
cash interest payments, and the based company fell by as much as 52% (to Arrangement will be subject to, among
T
challenging industry dynamics and 9 cents) following the announcement. The other things, approval of the Plan of
weakened commodity prices throughout proposal requires approval by shareholders Arrangement by the requisite The Weekly Anchorhe Weekly Anchor
its review of potential alternatives. and debt-holders to be implemented. majorities of the Senior Noteholders
The Recapitalization Transaction Bonavista would exchange all of its and Existing Shareholders at the WE HAVE RESUMED OUR PHOTO SERVICES
WE HAVE RESUMED OUR PHOTO SERVICES
would, among other things, reduce the outstanding senior notes for new debt that Meetings, such other approvals as may
FOR PASSPORTS, VISAS,
company's total outstanding debt by would be extended to 2025 and 2035. They be required by the Court and/or the FOR PASSPORTS, VISAS,
FIREARMS AND MORE
approximately $482.6 million would also issue new common shares equal TSX, other applicable regulatory FIREARMS AND MORE
(representing 56% of the company's to 89.7 per cent of the shares outstanding to approvals, approval of the Plan of
BY APPOINTMENT ONLY
Arrangement by the Court, the BY APPOINTMENT ONLY
- PLEASE CALL US TO BOOK A TIME...
execution of definitive documents and - PLEASE CALL US TO BOOK A TIME...
the satisfaction or waiver of applicable
5040 3rd Avenue, Edson
conditions precedent. The Company 5040 3rd Avenue, Edson 780-723-5787780-723-5787
expects to complete the
Recapitalization Transaction in early to
mid-August, 2020, subject to all
requisite approvals and the other
conditions to completion of the
Recapitalization Transaction being
obtained, satisfied or waived. Upon
implementation, the Plan of
Arrangement will bind all Senior
Noteholders and Existing Shareholders
of the Company.
For full details:
(https://bonavistaenergy.com/investors/
news-releases/article/?id=1592571300-
58203).
Industry supporters of responsible energy
THE WEEKLY ANCHOR
THE WEEKLY ANCHOR
PAGE 18 MONDAY JUNE 29, 2020 MONDAY JUNE 15, 2020 PAGE 13
A Monthly update on the Oil & Gas and Energy Industry
ENERGY EDUCATION IN ACTION
Bonavista announces recapitalization transaction
Bonavista Energy Corporation (TSX: current outstanding debt) and reduce cash senior debt-holders. Other lenders
BNP) announced on June 19 a proposed interest payments by approximately $16 would get 3.3% of the company in
recapitalization transaction designed to million annually (representing 43% of the exchange for reducing their debt owed
balance the capital structure and company's current annual cash interest by half.
strengthen the company's overall payments). In the deal existing shareholders will
financial position. Bonavista stated it The deal with lenders would eliminate have the option to sell their shares for
carefully considered, among other about half of Bonavista's outstanding debt 5 cents each.
things, its overall capital structure, its but leave existing shareholders with only Completion of the Recapitalization
debt levels, upcoming maturities and 7% of the company. Shares in the Calgary- Transaction pursuant to the Plan of
cash interest payments, and the based company fell by as much as 52% (to Arrangement will be subject to, among
T
challenging industry dynamics and 9 cents) following the announcement. The other things, approval of the Plan of
weakened commodity prices throughout proposal requires approval by shareholders Arrangement by the requisite The Weekly Anchorhe Weekly Anchor
its review of potential alternatives. and debt-holders to be implemented. majorities of the Senior Noteholders
The Recapitalization Transaction Bonavista would exchange all of its and Existing Shareholders at the WE HAVE RESUMED OUR PHOTO SERVICES
WE HAVE RESUMED OUR PHOTO SERVICES
would, among other things, reduce the outstanding senior notes for new debt that Meetings, such other approvals as may
FOR PASSPORTS, VISAS,
company's total outstanding debt by would be extended to 2025 and 2035. They be required by the Court and/or the FOR PASSPORTS, VISAS,
FIREARMS AND MORE
approximately $482.6 million would also issue new common shares equal TSX, other applicable regulatory FIREARMS AND MORE
(representing 56% of the company's to 89.7 per cent of the shares outstanding to approvals, approval of the Plan of
BY APPOINTMENT ONLY
Arrangement by the Court, the BY APPOINTMENT ONLY
- PLEASE CALL US TO BOOK A TIME...
execution of definitive documents and - PLEASE CALL US TO BOOK A TIME...
the satisfaction or waiver of applicable
5040 3rd Avenue, Edson
conditions precedent. The Company 5040 3rd Avenue, Edson 780-723-5787780-723-5787
expects to complete the
Recapitalization Transaction in early to
mid-August, 2020, subject to all
requisite approvals and the other
conditions to completion of the
Recapitalization Transaction being
obtained, satisfied or waived. Upon
implementation, the Plan of
Arrangement will bind all Senior
Noteholders and Existing Shareholders
of the Company.
For full details:
(https://bonavistaenergy.com/investors/
news-releases/article/?id=1592571300-
58203).
Industry supporters of responsible energy
