NEW YORK, July 21, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Magnum Hunter Resources Corp. (NYSE: MHR). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.
Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/?c=MHR
Highlights from our MHR Report include:
- Acceptance of Commitment - The independent oil and gas company Magnum Hunter Resources Corp. announced on July 8, 2015 that it has received and accepted a firm commitment from the Bank of Montreal, administrative agent and lead lender its senior secured revolving credit facility (the Facility). Bank of Montreal is the administrative agent and lead lender under the facility. As per the release, Magnum Hunter accepted the Bank's commitment to consent to certain amendments and waivers with respect to the Facility (the Amendments) and to assume the interests under the Facility of each other current member of the Facility's lending syndicate that may not choose to consent to the Amendments contemplated by the new Commitment.
- Reduced Obligations after Amendments - The acceptance of this new commitment eliminated Magnum Hunter's obligation under the Facility to raise $65 million by July 10, 2015. Moreover, the Amendments will include waivers of compliance by the Company with the current ratio and total secured net debt to EBITDAX ratio covenants currently existing under the Facility until the earlier of (i) the fiscal quarter ending December 31, 2015 or (ii) the fiscal quarter during which the Company closes the sale of all or substantially all of the Company's equity ownership interest in Eureka Hunter Holdings, LLC (Eureka Hunter).
- Improved Liquidity Position - Chairman of the Board and Chief Executive Officer of Magnum Hunter, Gary C. Evans said, "This new amendment under our existing senior bank loan facility provides Magnum Hunter the freedom and flexibility to continue down the liquidity enhancing path we have been on all year without minimum short-term mandated requirements." He added, "We believe the actions we are currently undertaking will significantly enhance our balance sheet and improve our liquidity position which will allow us to continue exploiting our vast Appalachian lease acreage position later this year."
To find out how this influences our rating on Magnum Hunter Resources Corp., read the full report in its entirety here: http://www.aciassociation.com/?c=MHR
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