Recapitalization

Prairie Provident Announces Completion of Recapitalization Transactions and Closing of Fully Subscribed C$4 Million Equity Financing

Retrieved on: 
Tuesday, May 16, 2023
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CALGARY, Alberta, May 16, 2023 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (TSX:PPR) (the “Company”), is pleased to announce the completion of its previously announced recapitalization transactions (collectively, the “Recapitalization”). The Recapitalization included the following principal transactions:

Key Points: 
  • The Company has approximately C$860 million in tax pools (C$560 million of which are available as tax shelter against current income) to complement its reserves value.
  • The Equity Financing was led by Research Capital Corporation as the sole agent and sole bookrunner (the “Agent”).
  • The net proceeds from the Equity Financing will be used for ongoing field operations, working capital requirements and other general corporate purposes.
  • Certain directors and officers of the Company participated in the Equity Financing under applicable securities laws, acquiring 7,424,423 Units in total.

Prairie Provident Resources Announces Amendments to Recapitalization Transactions that Significantly Enhance Value to Shareholders

Retrieved on: 
Tuesday, April 11, 2023
Exercise, Maintenance, Overalls, Recapitalization, Equity (finance), Abbott and Holder, Equity, Warrant, March 29 (Eastern Orthodox liturgics), Finance Secretary (India), Indian stock exchange, TSX, News, Common, Security (finance), Unit

CALGARY, Alberta, April 11, 2023 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (TSX: PPR) ("Prairie Provident" or the "Company") announces amendments to the terms of the equity financing and debt settlement components of its previously announced recapitalization transactions (collectively, the "Recapitalization").

Key Points: 
  • Completion of the Equity Financing and the Subordinated Notes Conversion is subject to receipt of all necessary approvals of the TSX.
  • In this regard, Prairie Provident has applied to the TSX for an exemption from shareholder approval requirements under TSX rules, pursuant to the 'financial hardship' provisions of the TSX Company Manual.
  • The TSX is considering the 'financial hardship' application in connection with its review of the Company's request for TSX approval of the applicable Recapitalization transactions.
  • There is no certainty that the TSX will approve such transactions, or accept the Company's application to rely on the financial hardship exemption.

Covis Announces Signing of Support Agreements With Its Lenders and Equity Sponsors, Leading to a Material Strengthening of Its Financial Position, Including the Elimination of ~$450 Million of Debt

Retrieved on: 
Monday, April 3, 2023
PJT Partners, Recapitalization, Support, Apollo Global Management, Mortgage law, Paul, Weiss, Rifkind, Wharton & Garrison, Health, Berkeley Research Group, Weil, Gotshal & Manges, Credit, Financial adviser, Covi

ZUG, Switzerland, April 03, 2023 (GLOBE NEWSWIRE) -- Covis Finco Sarl (together with its subsidiaries “Covis” or the “Company”), today announced that the Company entered into the Support Agreement with its Equity Sponsors, approximately 95% of its First Lien Lenders (including Revolving Facility Lenders) and 100% of its Second Lien Lenders regarding the terms of a comprehensive financial recapitalization that will reduce its debt by ~$450 million (the “Recapitalization”). The Recapitalization leads to a material strengthening of Covis’ balance sheet as well as its liquidity position. Upon consummation of the Recapitalization, funds managed by an affiliate of Apollo Global Management (the “Equity Sponsors”) will remain majority owners of the Company, while the First Lien Lenders will receive a significant minority stake.

Key Points: 
  • The Recapitalization leads to a material strengthening of Covis’ balance sheet as well as its liquidity position.
  • Covis will also pursue inorganic growth opportunities, which have historically been a key value lever for the Company.
  • To implement the Recapitalization, the Company is soliciting approval from its lenders of the transactions contemplated by the Support Agreement.
  • Covis expects to complete this process quickly and efficiently and, with the strong support of its Equity Sponsors and lenders, anticipates a near-term closing of the Recapitalization.

Prairie Provident Resources Announces Fourth Quarter and Year-End 2022 Financial and Operating Results and Update on Repositioning Plan

Retrieved on: 
Saturday, April 1, 2023
PPR, Bank statement, Lien, Recapitalization, Equity (finance), G&A, Equity, US, Subordination, The Company, Finance Secretary (India), Outline, MD, SEDAR, Mortgage law, Growth, Completion, Cryptocurrency, Security (finance)

CALGARY, Alberta, April 01, 2023 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident", "PPR" or the "Company") announces our operating and financial results for the fourth quarter and year ended 2022.

Key Points: 
  • CALGARY, Alberta, April 01, 2023 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident", "PPR" or the "Company") announces our operating and financial results for the fourth quarter and year ended 2022.
  • Although the Company achieved production only slightly (6%) below previously guided volumes, 2022 saw headwinds for Prairie Provident, primarily through $25.5 million of realized hedging losses from mandatory credit facility hedging requirements.
  • Earlier this week PPR announced a comprehensive recapitalization plan to significantly improve the Company's financial flexibility and sustainability (detailed below).
  • From an improved financial position from the recapitalization explore transactions that may unlock value within the Company.

Prairie Provident Resources Announces Transformative Recapitalization Transactions

Retrieved on: 
Wednesday, March 29, 2023
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Going forward, completion of the Recapitalization is expected to provide Prairie Provident with a sustainable capital structure and the capital resources necessary to optimize its current producing assets as well as develop its currently undeveloped land base, for the benefit of all stakeholders.

Key Points: 
  • Going forward, completion of the Recapitalization is expected to provide Prairie Provident with a sustainable capital structure and the capital resources necessary to optimize its current producing assets as well as develop its currently undeveloped land base, for the benefit of all stakeholders.
  • In recent years, Prairie Provident has faced an increasingly challenging lack of liquidity and deteriorating capital resource position.
  • Prairie Provident intends to close the Equity Financing as soon as possible in order to address its near-term working capital needs.
  • As the Noteholder will, after giving effect to the Subordinated Notes Conversion, Warrant Exercise and Equity Financing, hold more than 80% of the outstanding Common Shares after the Recapitalization, the Noteholder will be a 'control person' of Prairie Provident under applicable Canadian securities laws, and the Recapitalization will materially affect control of Prairie Provident within the meaning of TSX rules.

Icanic Announces Closing of Recapitalization Transaction and C$1.3 Million Private Placement

Retrieved on: 
Monday, September 12, 2022
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The Warrants are governed by a warrant indenture (the Warrant Indenture) entered into as of the Effective Date between Icanic and Odyssey, as warrant agent.

Key Points: 
  • The Warrants are governed by a warrant indenture (the Warrant Indenture) entered into as of the Effective Date between Icanic and Odyssey, as warrant agent.
  • The Company is also pleased to announce the closing of its previously announced private placement pursuant to which certain insiders and strategic investors of Icanic were issued New Secured Debentures in the aggregate principal amount of C$1,300,000 (the Additional Secured Debentures).
  • The Warrants are governed by a warrant indenture entered into as of September 8, 2022 between Icanic and Odyssey, as Warrant agent.
  • This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities.

Riverbed Announces Restructuring Support Agreement with Its Lenders and Equity Sponsors, Strengthens Financial Position Through New Capital and Reduces Debt by Over $1 Billion

Retrieved on: 
Wednesday, October 13, 2021
Software, Technology, Networks, Data Management, Recapitalization, LLP, Organization, Acceleration, White, Bankruptcy Code, WAN, Solution, Bankruptcy, Growth, Chapter 11, Title 11, United States Code, Centerview Partners, Apollo, RSA, Insolvency and Bankruptcy Code, 2016, Technology, White & Case, APM, Company, NPM, Forward-looking statement, AlixPartners, CEO, Software as a service, Kirkland & Ellis, Riverbed Technology, Apollo Global Management, Wardwell, Risk management, Bank, Financial adviser, Riverbed, Apollo, RIVERBED, APOLLO

Following the implementation of the RSA, we look forward to moving ahead as a financially stronger company.

Key Points: 
  • Following the implementation of the RSA, we look forward to moving ahead as a financially stronger company.
  • We thank our customers and partners for their continued support, and our employees for their commitment to Riverbed.
  • Through this transaction, Riverbed will be well positioned to invest in core technologies and execute on their strategy for profitable growth.
  • These risks and uncertainties may cause actual future results to be materially different than those expressed in such forward-looking statements.

ButcherJoseph Advised Haberfeld on Senior/Junior Debt Refinancing Transaction

Retrieved on: 
Tuesday, August 3, 2021
Haberfeld, Employee stock ownership plan, Recapitalization, ESOP

ButcherJoseph & Co. (ButcherJoseph) advised Haberfeld Partners, LLC (Haberfeld or the Company) on a senior and junior debt refinancing transaction.

Key Points: 
  • ButcherJoseph & Co. (ButcherJoseph) advised Haberfeld Partners, LLC (Haberfeld or the Company) on a senior and junior debt refinancing transaction.
  • This transaction marks the third closed deal between ButcherJoseph and Haberfeld.
  • Originally, ButcherJoseph advised Haberfeld on its sale to an employee stock ownership plan (ESOP).Spurred by growth and the continued success of the business, Haberfeld later completed a recapitalization transaction to raise institutional capital and update management incentive plans to ensure it could continue to provide long-term value to its clients.
  • ButcherJoseph is headquartered in St. Louis with a presence in Washington, DC and offices in Chicago, Charlotte, Scottsdale, and Nashville.

CleanTech Acquisition Corp. Announces Exercise of $22.5 Million Over-Allotment Option by Underwriters

Retrieved on: 
Wednesday, July 28, 2021
Corporate finance, Finance, Financial economics, Money, Warrant, Consolidation, Special-purpose acquisition company, Stock, Mergers and acquisitions, Recapitalization, Par value

Each unit sold by the Company consists of one share of common stock, par value $0.0001, one right and one-half of one redeemable warrant.

Key Points: 
  • Each unit sold by the Company consists of one share of common stock, par value $0.0001, one right and one-half of one redeemable warrant.
  • Each right entitles the holder thereof to receive one-twentieth (1/20) of one share of common stock upon the consummation of an initial business combination.
  • Each warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per whole share.
  • CleanTech Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities.

FINRA approves XcelPlus International’s 1-to-100 reverse stock split

Retrieved on: 
Friday, July 23, 2021
Stock market, Financial capital, Recapitalization, Waste-to-energy, Reno, Nevada, Reverse stock split, Economy

RENO, NV, July 23, 2021 (GLOBE NEWSWIRE) -- XcelPlus International Inc. (OTC PINK: XLPI) today announced a 1-for-100 reverse split of its outstanding common stock.

Key Points: 
  • RENO, NV, July 23, 2021 (GLOBE NEWSWIRE) -- XcelPlus International Inc. (OTC PINK: XLPI) today announced a 1-for-100 reverse split of its outstanding common stock.
  • The effective date of the stock split is July 26, 2021.
  • The reverse split initiates a recapitalization action that is part of XcelPlus Internationals comprehensive effort to facilitate the acquisition of new technologies, including patents and other intellectual property, to complement the companys Energy That CleansTM initiative.
  • Completing this recapitalization will help position XcelPlus as a leader in the waste-to-energy industry stated Charles Robinson, Chief Executive Officer of XcelPlus International.