On Friday, Seventy Seven Energy Inc (NYSE:SSE)’s shares declined -1.47% to $6.04.
Seventy Seven Energy Inc (SSE) declared that it’s wholly owned partner, Seventy Seven Operating LLC (“SSO”), has closed an incremental $100 million junior lien financing under its term loan facility with BlueMeridian Capital LLC, an associate of investment funds managed by BlueMountain Capital Administration. SSO intends to use the net proceeds from the incremental term loan for general corporate purposes and to pay costs and expenses incurred in connection with the transaction.
Borrowings under the incremental term loa contract bear interest at an interest rate equal to 9.00% plus the LIBOR rate. Obligations under the incremental term loa contract are guaranteed jointly and severally by SSE and all of SSO’s present and future direct and indirect wholly-owned material domestic auxiliaries.
Seventy Seven Energy Inc. provides oilfield services in the United States. The company operates in four segments: Drilling, Hydraulic Fracturing, Oilfield Rentals, and Oilfield Trucking. The Drilling segment offers land drilling and drilling-related services, counting directional drilling for the oil and natural gas exploration and development activities. The Hydraulic Fracturing segment provides hydraulic fracturing and other well stimulation services.
USG Corporation (NYSE:USG)’s shares dropped -1.46% to $28.36.
USG Corporation (USG) named Halvor Lines, Inc. as its 2014 Carrier of the Year award for providing superior transportation service to USG and its customers.
Halvor Lines, Inc. was selected to receive the 2014 Carrier of the Year based on its:
- 7 percent on-time delivery rating
- Excellent service to sixteen USG facilities
- Compriseent Gold ranking in the USG Top 30 Carrier Scorecard
- Environmental Protection Agency SmartWay certification
- Safe and efficient delivery of almost 10,000 shipments in 2014
Halvor Lines, Inc. was also named one of the Top 50 Green Fleets by Heavy Duty Trucking for 2013 and 2014.
USG Corporation, through its auxiliaries, operates as a manufacturer and distributor of building materials worldwide. Its Gypsum segment provides gypsum and related products that are used to construct walls, ceilings, roofs, and floors of residential, commercial, and institutional buildings, in addition to in various industrial applications.
At the end of Friday’s trade, Penn West Petroleum Ltd (USA) (NYSE:PWE)‘s shares dipped -0.96% to $2.07.
Penn West Petroleum Ltd (USA) (PWE) declared that it has finalized and reached definitive amending agreements with the lenders under its syndicated bank facility and the holders of its senior notes to, among other things, amend its financial covenants as initially revealed by the Company in its press release issued on March 12, 2015 announcing its year-end financial and operational results for 2014.
Since Penn West declared in March that it had reached agreements in principle with its lenders and noteholders, the Company has sold or reached agreements to sell assets for aggregate net proceeds of about $415 million , which comprises $318 million from its formerly declared royalty transactions which were accomplished in early May, and about $97 million from non-core asset dispositions which are predictable to be accomplished by the end of the second quarter of 2015. Following the terms of the amending agreements with its lenders and noteholders, in the event that Penn West completes any asset dispositions preceding to March 30, 2017 , it has committed to use the net proceeds from such asset dispositions to repay at par $650 million of the outstanding principal amounts owing to noteholders, with corresponding pro rata amounts from such asset dispositions to be used to repay any outstanding amounts drawn under its syndicated bank facility.
Penn West Petroleum Ltd. explores for, develops, and produces oil and natural gas properties in western Canada. The company’s properties are located in Alberta, British Columbia, Saskatchewan, Manitoba, and the Northwest Territories, Canada; and Wyoming, the United States. As of March 12, 2015, it operated a portfolio of opportunities in light oil in Canada covering a land base of about 4.5 million acres.
Calpine Corporation (NYSE:CPN), ended its Friday’s trading session with -1.43% loss, and closed at $20.71.
Calpine Corporation (CPN) has named W.G. “Trey” Griggs III its Executive Vice President and Chief Commercial Officer effective June 1, 2015. Formerly Mr. Griggs was a Managing Director at Goldman Sachs & Co. At Calpine, Mr. Griggs will have responsibility for the trading, origination, development and commercial analytics groups and will report to Calpine’s Chief Executive Officer.
For the past four years, Mr. Griggs led Goldman Sachs’ North American Energy Risk Administration activities and the Houston Trading Office. Preceding to that, he served in various roles with the Goldman Sachs commodities group in New York. From 1995-2000, he was an attorney at law firms in Houston and Greenville, S.C. Mr. Griggs holds an MBA from the Wharton School at the University of Pennsylvania, a JD from University of Houston School of Law, and a BA from Vanderbilt University.
Calpine Corporation, a wholesale power generation company, owns and operates natural gas-fired and geothermal power plants in North America. It operates natural gas-fired combustion turbines and renewable geothermal conventional steam turbines.
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