BNP Paribas Successfully Syndicates Petrohawk's $550 Million Financing.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- BNP Paribas BNP Paribas (Euronext: BNP, TYO: 8665 ) is one of the main banks in Europe and France. It was created on 23 May 2000 through the merger of Banque Nationale de Paris (BNP) and Paribas. closed syndication of the $550 million financing for Petrohawk Energy Corp. amid heavy oversubscription Oversubscription The excess number of shares or bonds that investors want to buy but are not available due to high demand. . The financing launched two weeks ago consists of a $400 million first-lien revolver and a $150 million second-lien term loan. The first-lien facility was more than two times oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. , while the second-lien term loan was over four times oversubscribed attracting more than $600 million in commitments from 40 plus accounts. BNP Paribas launched the second-lien term loan with price talk in the L+450-500 bps range. Petrohawk has a pending merger with Mission Resources Corp. that involves a roughly $135 million cash-pay to Mission shareholders. Total consideration for the shares of Mission common stock will comprise approximately 60% of Petrohawk common stock, or roughly 19.2 million shares, and 40% cash. In addition, Petrohawk will assume approximately $170 million of Mission's long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Petrohawk is a publicly listed independent oil and gas company engaged in the acquisition, development, production and exploration of natural gas and crude oil. Its exploration activities are concentrated in areas with known hydrocarbons resources, which are conducive to multi-well, repeatable drilling programs. Mission, another publicly listed independent E&P company, operates primarily in the Permian Basin in West Texas and Southeast New Mexico, along the Texas and Louisiana Gulf Coast. About BNP Paribas BNP Paribas (www.bnpparibas.com) is a European leader in banking and financial services, with a significant and growing presence in the United States and leading positions in Asia. The most profitable bank in the Euro zone, it has a presence in 85 countries with close to 100,000 employees. The group enjoys key positions in Corporate and Investment Banking, Private Banking & Asset Management, Insurance, Securities Services and Retail Banking. BNP Paribas provides a full array of financial products through a portfolio of brands that cover a variety of distribution channels. With offices in New York, BNP Paribas in North America offers a broad range of corporate, investment banking and securities brokerage activities. With locations in all the major corporate and financial centers across the United States and Canada, BNP Paribas in North America serves a world-class client base of multinational corporate and mid-cap companies, major issuers and institutional buyers. As a registered member of the NYSE NYSE See: New York Stock Exchange , a NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). broker-dealer and member of SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. , BNP Paribas Securities Corp. trades and markets a vast array of global and domestic fixed income and equity products. |
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