| 2016-10-14 16:08:21|
BCEI 16:08 10/14 10/14/16
Bonanza Creek won't make interest payment for $500M 6.75% sr. notes due 2021
The company disclosed in a regulatory filing that while it has sufficient cash on hand to make the payment, Bonanza Creek Energy has elected not to make the interest payment due on October 15 with respect to its $500M 6.75% senior notes due in 2021. By not making the interest payment, the Company will enter into a 30-day grace period during which it retains the right to pay the interest due to the holders of the 2021 Notes and thereby remain within compliance of the bond indenture. The 30-day grace period also applies to any potential cross-default under the Company's credit facility with respect to the bond interest payment.