Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
SGY > SEC Filings for SGY > Form 8-K on 13-Nov-2013All Recent SEC Filings

Show all filings for STONE ENERGY CORP

Form 8-K for STONE ENERGY CORP


13-Nov-2013

Entry into a Material Definitive Agreement, Creation of a Direct Financial Obli


Item 1.01. Entry into a Material Definitive Agreement.

On November 8, 2013, Stone Energy Corporation, a Delaware corporation ("Stone"), as Borrower, Stone Energy Offshore, L.L.C., a Delaware limited liability company and a wholly owned subsidiary of Stone, as Guarantor, the financial institutions (the "Banks") party to Stone's Third Amended and Restated Credit Agreement dated as of April 26, 2011 (as amended, the "Credit Agreement"), and Bank of America, N.A., as Agent for the Banks and as Issuing Bank, entered into a Consent Agreement (the "Consent") to the Credit Agreement.

The Consent (i) provides that the borrowing base under the Credit Agreement will not be reduced as a result of the sale of the remaining shelf properties that Stone has marketed for sale and (ii) increases Stone's basket for outstanding notes from $1.1 billion in the aggregate to $1.5 billion until March 31, 2014. Stone's basket for outstanding notes will be $1.1 billion for periods after March 31, 2014.

On November 8, 2013, Stone's borrowing base under the Credit Agreement was reaffirmed at $400 million. As of November 12, 2013, Stone had no outstanding borrowings under the Credit Agreement, and letters of credit totaling $21 million had been issued pursuant to the Credit Agreement, leaving $379 million of availability under the Credit Agreement.

The foregoing description of the Consent does not purport to be complete and is qualified in its entirety by reference to the full text of the Consent, which is filed as Exhibit 10.1 hereto and incorporated by reference herein.



Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03.



Item 7.01. Regulation FD Disclosure.

On November 13, 2013, Stone issued a press release announcing its intent, subject to market conditions, to publicly offer $400 million aggregate principal amount of its 7.500% Senior Notes due 2022. Stone intends to use the net proceeds from the offering to fund its pending tender offer and consent solicitation for its existing 8.625% Senior Notes due 2017 ("2017 Notes"). The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01.

On November 13, 2013, Stone issued a press release announcing that it has commenced a cash tender offer and consent solicitation with respect to any and all of its outstanding $375 million aggregate principal amount of 2017 Notes. The press release is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01.

In accordance with General Instruction B.2 of Form 8-K, the information in this report, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall such information, including Exhibits 99.1 and 99.2, be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

-2-




Item 8.01. Other Events.

On November 11, 2013, two lawsuits were filed, and on November 12, 2013, a third lawsuit was filed, against Stone and other named co-defendants, by the Parish of Jefferson ("Jefferson Parish"), on behalf of Jefferson Parish and the State of Louisiana, in the 24th Judicial District Court for the Parish of Jefferson, State of Louisiana, alleging violations of the State and Local Coastal Resources Management Act of 1978, as amended, and the applicable regulations, rules, orders and ordinances thereunder (collectively, the "CRMA"), relating to certain of the defendants' oil and gas operations in Jefferson Parish, and seeking to recover alleged unspecified damages to the Jefferson Parish Coastal Zone and remedies, including unspecified monetary damages and declaratory relief, restoration of the Jefferson Parish Coastal Zone and related costs and attorney's fees. In addition, on November 8, 2013, a lawsuit was filed against Stone and other named co-defendants, by the Parish of Paquemines ("Paquemines Parish"), on behalf of Paquemines Parish and the State of Louisiana, in the 25th Judicial District Court for the Parish of Paquemines, State of Louisiana, alleging violations of the CRMA, relating to certain of the defendants' oil and gas operations in Paquemines Parish, and seeking to recover alleged unspecified damages to the Paquemines Parish Coastal Zone and remedies, including unspecified monetary damages and declaratory relief, restoration of the Paquemines Parish Coastal Zone and related costs and attorney's fees. The lawsuits are at an early stage, and while Stone has recently engaged counsel to represent it in these lawsuits, Stone has not yet begun to investigate and evaluate the allegations.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

10.1    Consent Agreement dated as of November 8, 2013 to the Third Amended and
        Restated Credit Agreement.

99.1    Press release dated November 13, 2013, "Stone Energy Corporation Announces
        Public Offering of Additional 7.500% Senior Notes Due 2022."

99.2    Press release dated November 13, 2013, "Stone Energy Corporation Announces
        Cash Tender Offer for Any and All of its Outstanding 8.625% Senior Notes
        due 2017."

-3-


  Add SGY to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for SGY - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.