| Schedule of Condensed Consolidated Balance sheet on a Pro forma Basis |
As the 2018 Refinancing Transaction substantially changed our capital structure, the following table is provided to present the Condensed Consolidated Balance sheet on a pro forma basis as if the 2018 Refinancing Transaction occurred on September 30, 2018:
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September 30, 2018
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As Reported
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Extinguishment of Debt Adjustments
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Debt Issuance Adjustments
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Pro Forma
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(In thousands)
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Assets
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Current assets:
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Cash and cash equivalents
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$
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339,063
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$
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(954,100
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)
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(1)
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$
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671,887
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(7)
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$
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56,850
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Total receivables
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131,215
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—
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—
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131,215
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Prepaid expenses and other assets
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19,699
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2,138
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(2)
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—
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21,837
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Total current assets
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489,977
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(951,962
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)
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671,887
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209,902
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Oil and natural gas properties and other, net
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522,781
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—
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—
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522,781
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Restricted deposits for ARO
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20,577
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—
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—
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20,577
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Other assets
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69,014
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—
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—
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69,014
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Total assets
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$
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1,102,349
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$
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(951,962
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)
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$
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671,887
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$
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822,274
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Liabilities and Shareholders’ Deficit
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Current liabilities:
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Accounts payable
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$
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95,502
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$
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—
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$
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—
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$
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95,502
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Undistributed oil and natural gas proceeds
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34,225
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—
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—
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34,225
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Advances from joint interest partners
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31,012
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—
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—
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31,012
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Asset retirement obligations
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30,207
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—
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—
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30,207
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Current maturities of long-term debt:
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Principal
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189,829
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(189,829
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)
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(3)
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—
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—
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Carrying value adjustments
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34,985
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(34,985
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)
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(4)
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—
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—
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Current maturities of long-term debt
- carrying value
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224,814
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(224,814
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)
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—
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—
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Accrued liabilities
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31,058
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(14,989
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)
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(5)
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3,787
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(8)
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19,856
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Total current liabilities
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446,818
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(239,803
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)
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3,787
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210,802
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Long-term debt:
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Principal
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713,365
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(713,365
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)
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(3)
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625,000
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(9)
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625,000
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Borrowings on revolving bank credit facility
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—
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—
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61,000
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(10)
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61,000
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Carrying value adjustments
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45,758
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(45,758
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)
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(4)
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(17,900
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)
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(11)
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(17,900
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)
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Long term debt, less current portion
- carrying value
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759,123
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(759,123
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)
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668,100
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668,100
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Asset retirement obligations, less current portion
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283,009
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—
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—
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283,009
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Other liabilities
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73,175
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—
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—
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73,175
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Shareholders’ deficit:
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Common stock
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1
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—
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—
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1
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Additional paid-in capital
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549,569
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—
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—
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549,569
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Retained earnings (deficit)
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(985,179
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)
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46,964
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(6)
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—
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(938,215
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)
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Treasury stock, at cost
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(24,167
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)
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—
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—
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(24,167
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)
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Total shareholders’ deficit
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(459,776
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)
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46,964
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—
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(412,812
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)
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Total liabilities and shareholders’ deficit
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$
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1,102,349
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$
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(951,962
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)
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$
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671,887
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$
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822,274
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Pro Forma Adjustments:
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(1)
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Cash used to extinguish debt including principal, interest, tender offer premiums and redemption premiums.
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(2)
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Prepaid interest related to the Second Lien Term Loan and the Unsecured Senior Notes.
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(3)
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Payment of outstanding debt principal.
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(4)
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Elimination of carrying value adjustments either through payments or write off of remaining balances.
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(5)
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Payment of interest related to the Second Lien Loan and the Unsecured Senior Notes accrued as of September 30, 2018.
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(6)
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Net gain from the write off of the remaining balances of carrying value adjustments, reduced for interest payments on the 1.5 Lien Term Loan, the Second Lien PIK Toggle Notes and the Third Lien PIK Toggle Notes. In addition, the net gain was reduced for premiums related to repurchases pursuant to the early tender offer, redemptions premiums and certain prepayments paid on the existing notes and loans.
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(7)
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Net proceeds from the issuance of the Senior Second Lien Notes and borrowings under the New Revolving Credit Agreement, less debt issuance costs paid of $14.1 million.
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(8)
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Accrued debt issuance costs related to the Senior Second Lien Notes.
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(9)
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Issuance of the Senior Second Lien Notes.
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(10)
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Borrowings under the New Revolving Credit Agreement.
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(11)
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Paid and accrued debt issuance costs related to the Senior Second Lien Notes and New Revolving Credit Agreement.
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