Bonanza Creek Energy (BCEI) Will Skip Interest Payment on 2021 Notes
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Bonanza Creek Energy (NYSE: BCEI) disclosed the following in a U.S. SEC filing on Friday:
Item 7.01 Regulation FD Disclosure.
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.
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