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  • Houston
    +1 713-929-9080
  • Paris
    +33 1 82 88 48 32

Case Studies

Exploration and Production Company

Energy

Shutterstock 67502158


SIT­U­A­TION

  • The Com­pa­ny is a fam­i­ly-owned oil and gas pro­duc­er oper­at­ing assets across the Texas Gulf Coast region and South­east New Mexico
  • Chi­ron was engaged after the bank post­ed a notice for fore­clo­sure on the Com­pa­ny’s assets

OUT­COME

  • Chi­ron act­ed as agent to the Com­pa­ny for the pri­vate place­ment of a new $250 MM reserve-based loan (RBL), the pro­ceeds of which were used to refi­nance the lega­cy lenders
  • The RBL place­ment, com­bined with new equi­ty invest­ment, allowed the Com­pa­ny to suc­cess­ful­ly avoid fore­clo­sure and Chap­ter 11
  • As a result of the restruc­tur­ing, the Com­pa­ny gained suf­fi­cient liq­uid­i­ty to refo­cus its effort on increas­ing production

“I was impressed with how quick­ly Chi­ron was able to suc­cess­ful­ly secure a $250 mil­lion reserve-based loan with Citibank which allowed us to replace our lega­cy cred­it facil­i­ty. The results were just what we need­ed.”- CFO, E&P Company

The Challenge

The bank posted a notice for foreclosure on the Company's assets.

The Chiron Solution

Chiron acted as agent to the Company for the private placement of a new $250 MM reserve-based loan (RBL), the proceeds of which were used to refinance the legacy lenders.

The Result

The Company gained sufficient liquidity to refocus its effort on increasing production.

Is your com­pa­ny per­form­ing like it should?

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