Bonanza Creek Energy (BCEI) Elected Not to Make Interest Payment on 2021 Notes
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Bonanza Creek Energy (NYSE: BCEI) disclosed in an SEC filing:
While it has sufficient cash on hand to make the payment, Bonanza Creek Energy, Inc. (the “Company”) has elected not to make the interest payment due on October 15, 2016 with respect to its $500 million 6.75% senior notes due in 2021 (the “2021 Notes”). By not making the interest payment, the Company will enter into a 30-day grace period during which it retains the right to pay the interest due to the holders of the 2021 Notes and thereby remain within compliance of the bond indenture. The 30-day grace period also applies to any potential cross-default under the Company’s credit facility with respect to the bond interest payment.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this report shall not be deemed “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
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