from CPE (who merged CRZO into their operations) May BB redetermination
15% reduction in BB seems to be a common reduction, Note the addition of a new minimum liquidity amount of 7.5% of then current BB or $125M whichever is lesser Note the asset coverage (based in most recent reserves report not price deck used) ... need 90% of BB to be covered by 1P ... which would be a coverage ratio of 1.11x Note the separation now of consolidated total SECURED debt to Adjusted EBITDAX (with a 3x multiple) from total consolidated debt which has been suspended till Mar 2022 and is at 4x.
The bankers getitng very protective of their capital ... and CPE has gone out to the debt capital markets already to exchange some of their short bonds for longer dated higher interest (unsecured) bonds.
SEA Price at posting:
16.5¢ Sentiment: None Disclosure: Held
