Drillers Feel Squeeze From Wary Bondholders In Debt Deals
Law360 (February 14, 2020, 8:28 PM EST) -- The continued chill in the oil and gas investment market is pushing drillers like Laredo Petroleum Inc. and Range Resources Corp. to pay ever-higher prices to kick their long-term debt further down the road, as even high-yield bondholders are demanding greater returns and more protection against potential bankruptcy losses.
With investors reluctant to sink any new cash into oil and gas development, several upstream companies are looking to raise additional funds by swapping high-yield unsecured bonds with fast-approaching maturities for debt that won't mature for several years. Companies including Laredo, Range, Nabors Industries Ltd. and EQT Corp. have recently issued bonds...
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