S&P Downgrades Seventy Seven Energy (SSE) to 'CC'; Outlook Negative
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Seventy Seven Energy (SSE) Says $1.1B in Debt to Be Converted into Common Equity as Part of Restructuring Support Agreement
April 19, 2016 8:42 AM EDTSeventy Seven Energy Inc. (NYSE: SSE) today announced that it has entered into a Restructuring Support Agreement (the Agreement) with certain lenders (the Incremental Term Loan Lenders) representing 92.0% of the outstanding principal amount under the Companys Incremental Term Supplement (Tranche A) loan and certain noteholders (the Consenting 2019 Noteholders) collectively owning or controlling in excess of 57.7% of the aggregate outstanding principal amount of the Companys 6.625% senior notes due 2019 (the 2019 Notes). The terms of the Agreement provide for a substantial deleveraging of the Companys balance sheet by converting approximately $1.1 billion of the Companys bond debt into new... More
