Battalion Oil raises ~$37M from existing shareholders via Series A-1 preferred with 14.5% dividend

BATTALION OIL CORP

Sold 38,000 shares of Series A-1 convertible preferred to Luminus, Oaktree, and LSP funds for ~$37.05M.
Proceeds used for general corporate and working capital, including scheduled debt principal and interest payments.
Preferred stock carries a 14.5% annual dividend rate; unpaid dividends increase liquidation preference at 16% per annum.
Conversion price initially $7.63 per share; holders granted registration rights on underlying common shares.
Series A-1 has limited voting rights but consent rights over senior stock issuance and dividend payments on common.

item 1.01 item 3.02 item 5.03 item 3.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.4

BATTALION OIL CORP: Filing incorporates a Certificate of Designations for Series A-1 Preferred Stock by reference but states the description does not purport to be complete; no substantive description of the change is provided.

Change: charter amendment

Exact text from the filing

The foregoing description of the Certificate of Designations does not purport to be complete and is qualified in its entirety by reference to the complete text of the Certificate of Designations, which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BATTALION OIL CORP entered into Purchase Agreement with certain funds managed by Luminus Management, LLC, Oaktree Capital Management, LP, and LSP Investment Advisors, LLC valued at approximately $37,050,000 (effective 2023-09-06).

Action: entry
Agreement: equity purchase
Counterparty: certain funds managed by Luminus Management, LLC, Oaktree Capital Management, LP, and LSP Investment Advisors, LLC
Value: approximately $37,050,000
Effective: 2023-09-06

Exact text from the filing

On September 6, 2023, Battalion Oil Corporation (the “ Company ”) entered into a purchase agreement (the “Purchase Agreement ”) with each of the purchasers set forth on Schedule A thereto (the “ Buyers ”), pursuant to which the Company agreed to sell to the Buyers, in a private placement, an aggregate of 38,000 shares (the “ Series A-1 Preferred Shares ”) of Series A-1 Redeemable Convertible Preferred Stock

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BATTALION OIL CORP filing history →

Source: SEC EDGAR

accession 0001558370-23-015554

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