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UPDATE: Could American Airlines move its headquarters?

A key linchpin in the Fort Worth economy, American Airlines Group Inc., is considering sites for a new headquarters, possibly outside the city, the airline’s CEO said this morning.

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Clip art: Cutting edge barbershop creates a buzz in Fort Worth

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It's Christmas tree time in the city of Fort Worth

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Quicksilver Resources announces $600M senior secured term loan

 

A. Lee Graham
Reporter

Quicksilver Resources Inc. of Fort Worth is launching a loan syndication for a $600 million senior-secured second priority term loan facility maturing in 2019.
The company emphasized that it has no assurance of receiving any commitments for the facility. Closing of the facility will be subject to customary conditions, with no assurance that closing will occur.
Separately, the company announced a cash tender offer and consent solicitation for purchasing any and all of its outstanding 8 ¼ percent senior notes due 2015, 11 3/4 percent senior notes due 2016 and its 7 1/8 percent senior subordinated notes due 2016 and to amend the indentures related to each series of notes. The aim is to eliminate substantially all restrictive covenants and certain events of default contained in the indentures, the company said.
The tender offer is subject to the satisfaction or waiver of several conditions, including completing one or more debt-financing transactions in an amount considered sufficient to purchase the notes tendered and pay the related consent payments, if any, and related fees and expenses.
Meanwhile, the company announced a solicitation of consents to several proposed amendments to the indenture related to its 9 1/8 percent senior notes due 2019, which would allow Quicksilver to consummate the tender offer regarding the notes by incurring debt equaling in priority, but with a longer maturity, than the 2019 senior notes, to allow such refinancing to be excluded from the limitation on restricted payments covenant in such indenture.
If consummated, proceeds of the second priority term loan facility are expected to be used, together with any other debt financing transactions Quicksilver may undertake, to purchase the notes tendered in the tender offer and pay the related consent payments, if any, and fees and related.
Quicksilver is considering an offering of senior unsecured notes in an aggregate principal amount up to $675 million and an offering of senior second priority secured notes in an aggregate principal amount up to $200 million, subject to market conditions, as well as the second priority term loan facility.
Quicksilver Resources is an independent oil and gas company engaged in the exploration, development and acquisition of oil and gas, primarily from unconventional reservoirs including gas from shales and coal beds in North America. Quicksilver’s Canadian subsidiary, Quicksilver Resources Canada Inc., is headquartered in Calgary, Alberta. For more information about Quicksilver Resources, visit www.qrinc.com.
 

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