Ring Energy closes $182.9M acquisition of Stronghold Permian assets; borrowing base boosted to $600M

RING ENERGY, INC.

Consideration: ~$167.9M cash plus $15M deferred, 21.3M common shares, and 153,176 convertible preferred shares (convertible at $3.60 per share).
Financing via new $1.0B credit facility; borrowing base increased from $350M to $600M.
Board expanded from 7 to 9; Warburg-Pincus-backed Stronghold nominates Roy Ben-Dor and David Habachy.
Expects 2022 year-end leverage below 1.5x (vs prior 2.0x), immediately accretive to EBITDA and FCF.
Preferred stock carries 8% dividend if unconverted after Jan 31, 2023; mandatory redemption by Sep 30, 2027.

item 1.01 item 2.01 item 2.03 item 3.02 item 5.02 item 5.03 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Roy I. Ben-Dor

Director

REI · RING ENERGY, INC.

Effective: 2022-09-01
Filed: September 6, 2022, 7:59 PM ET

On September 1, 2022, the Board increased the size of the Board from seven members to nine members and appointed Messrs. Ben-Dor and Habachy as directors to hold office until Ring’s annual meeting of stockholders in 2023 and the election of their successors.

Appointed

David S. Habachy

Director

REI · RING ENERGY, INC.

Effective: 2022-09-01
Filed: September 6, 2022, 7:59 PM ET

On September 1, 2022, the Board increased the size of the Board from seven members to nine members and appointed Messrs. Ben-Dor and Habachy as directors to hold office until Ring’s annual meeting of stockholders in 2023 and the election of their successors.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Roy I. Ben-Dor was appointed as Director at RING ENERGY, INC..

Action: appointed
Role: Director

Exact text from the filing

On September 1, 2022, the Board increased the size of the Board from seven members to nine members and appointed Messrs. Ben-Dor and Habachy as directors to hold office until Ring’s annual meeting of stockholders in 2023 and the election of their successors.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

David S. Habachy was appointed as Director at RING ENERGY, INC..

Action: appointed
Role: Director

Exact text from the filing

On September 1, 2022, the Board increased the size of the Board from seven members to nine members and appointed Messrs. Ben-Dor and Habachy as directors to hold office until Ring’s annual meeting of stockholders in 2023 and the election of their successors.

View on SEC.gov

RING ENERGY, INC. filing history →

Source: SEC EDGAR

accession 0001104659-22-097929

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