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Lonestar Resources Successfully Completes Restructuring

Source: www.gulfoilandgas.com 12/1/2020, Location: North America

Lonestar Resources US Inc. announced that effective November 30, 2020, the Company has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, having satisfied all of the conditions to the effectiveness of its plan of reorganization (the “Plan”). Through its financial restructuring, Lonestar has eliminated approximately $390 million in aggregate debt obligations and preferred equity interests.

Effective today, Lonestar has entered into a new $225 million first-out senior secured revolving credit facility (“Revolver”) and a $60 million second-out senior secured term loan credit facility by amending and restating the Company’s existing credit agreement. At closing, Lonestar has $210 million outstanding on the revolver and a post-emergence cash balance of approximately $20.7 million.

New Board of Directors
In accordance with the Plan, today the Company appointed a newly constituted Board of Directors (the “Board”). The new Board consists of Richard Burnett, Gary D. Packer, Andrei Verona and Eric Long, in addition to Frank D. Bracken, III, Lonestar’s Chief Executive Officer.

Issuance of New Securities
Effective immediately, all existing shares of the Company’s common stock were cancelled pursuant to the Plan, and the Company issued approximately 10,000,000 shares of new common stock in the Company, par value $0.001 (the “New Common Stock”), to the holders of the Prepetition Notes (as defined in the Plan) and the Company’s old common shares and old preferred shares.

Additionally, the Company issued 555,555 Tranche 1 Warrants and 555,555 Tranche 2 Warrants to holders of Allowed Prepetition RBL Claims (as defined in the Plan) or their permitted designees, as applicable.

Advisors
The Company was represented in this matter by Latham & Watkins LLP, Hunton Andrews Kurth LLP, Intrepid Partners LLC, Rothschild & Co US Inc. and AlixPartners, LLP.

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