Key Terms of Agreement in Principle (October 3, 2019) Offering 1 Roll-up of up to 50.0% of the RBL to first out DIP facility DIP rolls into New RBL facility at emergence DIP / Cash Collateral Up to $475mm equity rights offering of which $463mm...
Key Terms of Agreement in Principle (October 3, 2019) Offering 1 Roll-up of up to 50.0% of the RBL to first out DIP facility DIP rolls into New RBL facility at emergence DIP / Cash Collateral Up to $475mm equity rights offering of which $463mm will be backstopped; plan TEV of $2.5bn $325mm in the form of cash at 35.0% discount backstopped by Apollo, Xxxxxxx and other 1.5L Noteholders Up to $150mm funded through equitizing reinstated par amount of 1.25L Notes (accrued and unpaid interest to be paid in cash) at a 25.7% discount of which $138mm is currently backstopped and committed by Apollo and Xxxxxxx The Company may also consummate a private placement of equity up to $75mm, in cash, with the consent of and on terms acceptable to Apollo and Xxxxxxx Cash backstop and uncommitted non-cash backstop for equity rights offering to be open to all eligible 1.5L Noteholders within 10 Business Days of Petition Date Backstop fee of 8.0% on cash portion of equity rights offering Equity Rights Maximum net debt at emergence of $1,600mm Minimum liquidity at emergence of $350mm Any lenders not agreeing to participate in the New RBL facility would have existing commitments rolled into last out piece New RBL Existing 1.125L secured notes reinstated on current terms or such other terms as agreed to by the Company, Apollo, and Xxxxxxx 1.125L Notes Existing 1.25L secured notes, post-equitization, reinstated on current terms or such other terms as agreed to by the Company, Apollo, and Xxxxxxx 1.25L Notes 99.0% of pre-money equity 1.5L Notes 1.0% of pre-money equity GUCs $500,000 Existing Equity 10% with terms to be agreed concurrently with entry into Backstop Agreement Employee Incentive Plan On the effective date of the plan, Apollo and Access may contribute their equity interests in Xxxxx Drillco in exchange for new common equity shares, subject to the agreement of the Company, Apollo, Access and Xxxxxxx Other
