|Date Announced:||April 18, 2019|
|Date Closed:||June 04, 2019|
|Client Name:||Bellatrix Unsecured Bondholders|
Bellatrix Exploration Ltd. (Bellatrix) completed a recapitalization transaction pursuant to a court-approved plan of arrangement under the Canada Business Corporations Act. As part of this transaction, Bellatrix's total debt was reduced by approximately US$110 million.
Bellatrix's outstanding 8.5% senior unsecured notes and all accrued and unpaid interest were exchanged for (i) approximately US$50 million of new second lien notes due September 2023, (ii) approximately US$54.8 million of new third lien notes due December 2023, and (iii) new common shares of Bellatrix representing approximately 51% of the common shares of Bellatrix outstanding upon implementation of the transaction.
Additionally, Bellatrix’s previously outstanding 6.75% convertible debentures plus all accrued and unpaid interest were exchanged for new common shares of Bellatrix representing approximately 32.5% of the common shares of Bellatrix outstanding upon implementation of the Transaction.
Bellatrix’s common shareholders retained their common shares, subject to a 1-for-12 common share consolidation, such that such common shareholders now own approximately 16.5% of the common shares of Bellatrix.
Bellatrix and its wholly owned subsidiary, 11260049 Canada Limited, amalgamated pursuant to the Plan of Arrangement.