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CapitalMarkets
PLS publishes news and analysis in the energy finance sector through its capital markets module. The green banner report includes news and analysis on company budgets, capital spending, financial performance and interviews with leading capital providers.

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Publication
News Date
CM - Chesapeake swaps $588MM in notes & preferred for common - September 2019
Chesapeake Energy entered a securities exchange agreement with a large investor to retire $547.8 million aggregate principal amount of senior notes and $40 million principal amount of its 5.75% convertible preferred shares. In exchange, Chesapeake will issue 250,721,544 common shares, representing roughly 15% of the company’s current outstanding shares. Based on the prior-day closing stock price of $1.89/share, the securities swap represents a 19% discount to the aggregate par value of the...
Sep 13, 2019
CM - MPLX to issue up to $5.75B in notes as it swallows ANDX debt - September 2019
MPLX LP closed $2 billion in unsecured senior notes Sept. 9 in an underwritten public offering consisting of $1 billion of floating rate senior notes due 2021 and $1 billion of floating rate senior notes due 2022. The master limited partnership of Marathon Petroleum Corp. intends to issue more notes as it refinances all $3.75 billion outstanding senior notes of Andeavor Logistics, which it acquired in a deal that closed July 30. The partnership intends to use some of the net proceeds...
Sep 13, 2019
CM - Private equity giant Blackstone looks to take Tallgrass private - September 2019
Blackstone Infrastructure Partners is bidding to take Tallgrass Energy private, offering $3.03 billion cash to acquire the remaining 156 million Class A shares it doesn’t own. The transaction is also the latest sign that private equity firms are stronger believers in midstream than other stock market investors. BIP will assume $1.92 billion in longterm debt and $73 million of working capital deficit, bringing the transaction to $5.025 billion. Excluding corporate simplifications,...
Sep 13, 2019
CM - Paulson opposing Callon’s proposed Carrizo acquisition - September 2019
Paulson & Co. Inc., which holds 9.5% of Callon Petroleum Co.’s outstanding shares, submitted a letter to Callon’s board opposing the company’s proposed $3.2 billion acquisition of Carrizo Oil & Gas Inc. and urged the board to pursue a sale of Callon instead. The Houston-based E&P firm said it remained confident the addition of Carrizo would make a stronger company. The proposed acquisition has not pleased shareholders as CPE share prices on the NYSE have fallen 36% since the...
Sep 13, 2019
CM - Alta Mesa enters bankruptcy protection after turbulent year - September 2019
Alta Mesa Resources LP and several affiliates filed a voluntary bankruptcy petition. The Chapter 11 filing follows a year of leadership churn, staff layoffs, delayed earnings reports, and a Securities and Exchange Commission investigation for possible fraud. The filing includes Alta Mesa Holdings GP LLC, OEM GP LLC, Alta Mesa Finance Services Corp., Alta Mesa Services LP and Oklahoma Energy Acquisitions LLC. Alta Mesa’s midstream platform, Kingfisher Midstream LLC, and its subsidiaries...
Sep 13, 2019
CM - Energy Impact Partners tops halfway point on Fund II - August 2019
Four-year-old New York-based Energy Impact Partners has raised up to $405 million of capital commitments for its second fund, according to an Aug. 13 filing with the US Securities & Exchange Commission, and it has secured commitments from at least 15 investors. EIP is looking to raise up to $750 million for its Energy Impact Fund II, and the process is expected to take longer than 12 months, according to the filing. Its prior fund raised $681 million. The firm focuses on investments...
Aug 28, 2019
CM - Magellan Midstream prices $500MM of 31-year senior notes - August 2019
Magellan Midstream Partners, LP priced $500 million aggregate principal amount of its 3.95% senior notes due 2050 at 99.91 to yield 3.955% to maturity. The new notes, issued on Aug. 9, brings Magellan’s total debt outstanding, including commercial paper, to over $4.9 billion. The partnership plans to use net proceeds of about $494.4 million for general partnership purposes, including expansion capital projects. Magellan said earlier in August it had “well in excess of $500 million of...
Aug 26, 2019
CM - Only PG&E can propose its own bankruptcy plan, judge says - August 2019
A US Bankruptcy Court judge in San Francisco rejected plans from two competing creditor groups looking to reorganize PG&E, telling them that the company—and the company alone—would be the proper entity to submit a plan. Judge Dennis Montali said PG&E’s role in leading the process would provide a faster resolution for victims of fires caused by the utility’s equipment, court documents said. PG&E filed for Chapter 11 protection in January after severe wildfires in 2017 and 2018 resulted...
Aug 26, 2019
CM - Calpine amends $2B credit facility and signs new $750MM loan - August 2019
Calpine Corp. told the Securities & Exchange Commission on Aug. 12 that it reduced commitments outstanding by $20 million and extended the maturity of $150 million in revolver commitments to March 2023 from June 2020. The power company’s total revolver capacity is about $2 billion, which will mature in March 2023. The company also entered into a new seven-year $750 million first lien senior secured term loan facility, which will be payable at either a base rate plus 150 bps or LIBOR plus...
Aug 26, 2019
CM - Upstream Capital Raises Briefs - September 13, 2019
Cabot Energy Inc. entered a nonbinding term sheet for an asset-level loan facility of up to C$5 million ($3.8 million) with a private energy lender to fund a winter work program. The Canadian subsidiary of London-based Cabot Energy plc expects to draw down the first advance of C$2.5 million about Nov. 30 and the remainder in early 2020. The 11.5% loan will mature Sept. 30, 2021. The winter program will consist primarily of four new horizontal development wells to produce existing proven...
Sep 13, 2019

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