Attached files
| file | filename |
|---|---|
| EX-99.5 - EX-99.5 - STONE ENERGY CORP | d290934dex995.htm |
| EX-99.4 - EX-99.4 - STONE ENERGY CORP | d290934dex994.htm |
| EX-99.3 - EX-99.3 - STONE ENERGY CORP | d290934dex993.htm |
| EX-99.1 - EX-99.1 - STONE ENERGY CORP | d290934dex991.htm |
| 8-K - FORM 8-K - STONE ENERGY CORP | d290934d8k.htm |
Exhibit 99.2
| Stone Energy Corp. Comparison of Key Terms |
Privileged and Confidential Subject to FRE408 |
| Key Terms |
Original
Company |
Original Lender Response - 9/23/16 |
Revised Company |
Revised
Lender | ||||||||||||
| RBL Lenders | Revolver Maturity | - | 5 years | - | 4 years | - | 4 years | - 4 years | ||||||||
| Borrowing Base | - | $260 million | - | $200 million, but limited to $100 million until Amethyst is producing | - | $235 million | - $175 million, but limited to $125 million until Amethyst is producing | |||||||||
| Restricted Cash for P&A | - | N/A | - | $75 million | - | $75 million | - $75 million | |||||||||
| Redetermination Holiday | - | Until June 30, 2018 | - | No redetermination holiday | - | Until April 2018 | - Until Fall 2017 | |||||||||
| Redetermination Methodology | - | Strip pricing | - | Bank deck pricing | - | Bank Deck pricing | - Bank Deck pricing | |||||||||
| Interest - Applicable Margin | - | No change | - | L + 3.00% - 4.00% | - | L + 2.50% - 3.50% | - L + 3.00% - 4.00% | |||||||||
| Total Leverage Covenant | - | Q1’17 - Q2’18 3.75x | - | Financial covenants TBD based on pass-credit metrics | - | Financial covenants TBD based on Company projections | - Financial covenants TBD | |||||||||
| - | Q3’18 - Q1’19 4.50x | |||||||||||||||
| - | Q2’19 - Q4’19 5.00X | |||||||||||||||
| - | Q1’20 - Q2’20 4.50x | |||||||||||||||
| - | Q3’20 - Q1’21 4.00x | |||||||||||||||
| - | Q2’21 - Maturity 3.75x | |||||||||||||||
| Anti-Hoarding Provision | - | Amend to allow for up to $75 million of cash on hand at any time |
- | $25 million for draws |
- | $25 million for draws | - $25 million for draws | |||||||||
| - | $50 million for repayments | - | $50 million for repayments | - $50 million for repayments | ||||||||||||
| Other | ||||||||||||||||
| -Reporting |
- |
Eliminate cash flow forecast reporting requirements |
- | Reporting - TBD | - | Reporting - TBD | - Reporting - TBD | |||||||||
|
-Restricted Payments |
- |
Eliminate restricted |
- |
Restricted payments - TBD |
- |
Restricted payments - TBD |
- Restricted payments - TBD | |||||||||
| -Debt/Lien Baskets |
- | Eliminate debt/lien baskets |
- | Debt/lien baskets - TBD | - | Debt/lien baskets - TBD | - Debt/lien baskets - TBD | |||||||||
| -Change of Control |
- | Eliminate change of control provisions |
- | Keep change of control but permit new equityholders resulting from restructuring | - | Keep change of control but permit new equityholders resulting from restructuring | - Keep change of control but permit new equityholders resulting from restructuring | |||||||||
|
-Intercreditor |
- |
Permit new intercreditor |
- |
Intercreditor agreement reflecting a ‘silent’ second lien |
- |
Intercreditor agreement reflecting a ‘silent’ second lien |
- Intercreditor agreement reflecting a ‘silent’ second lien | |||||||||
|
-Mortgages |
- |
N/A |
- |
Mortgages increased to 95% |
- |
Mortgages increased to 95% |
- Mortgages increased to 95% | |||||||||
| -Hedging |
- | N/A | - | Hedging - no less than 50% of production for the first two years | - | 25-50% of production hedged for a rolling two-year period | - TBD | |||||||||
| -Other |
- | N/A | - | Other provisions TBD based upon pass-credit terms | - | Other provisions TBD | - Other provisions TBD | |||||||||
| Noteholders |
Cash Payment | - | $150 million |
- |
$0 | - | $150 million | - $50 million | ||||||||
| - | Additionally, Noteholders shall receive 85% of any net sale proceeds in excess of $350 million |
- | Additionally, Noteholders shall receive 85% of any net sale proceeds in excess of $350 million | |||||||||||||
| New 2nd Lien Notes | ||||||||||||||||
| -Principal |
- | $225 million | - | $150 million | - | $225 million | - $250 million | |||||||||
| -Interest |
- | 7.5% per annum (min of 3.75% cash pay; Company can elect to PIK 3.75%) |
- | Same rate but the Company’s cash/PIK interest option determined by covenant levels | - | Same as original Company Proposal | - Same rate but the Company’s cash/PIK interest option determined by covenant levels | |||||||||
|
-Maturity |
- |
May 2022 |
- |
Same |
- |
Same as original Company Proposal |
- Same | |||||||||
| -Make-Whole |
- | Years 1-3 @ T+50bps, years 4-5 @ 105.625%, year 6 @ par plus accrued |
- | Same | - | Same as original Company Proposal | - Same | |||||||||
| Common Equity | - | Noteholders to receive 95% of common equity, subject to dilution by warrants, MIP and future equity issuance |
- | Same | - | Same | - Same | |||||||||