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MEMP

Memorial Production

$0.52

0.2048 (65.02%)

10:36
12/01/16
12/01
10:36
12/01/16
10:36

Memorial Production in forbearance pact, gets extended waiver

Earlier today, Memorial Production Partners announced that it has entered into a forbearance agreement with certain noteholders that hold 51.7% of the Partnership's 7.625% senior notes due 2021 and hold 69% of the Partnership's 6.875% senior notes due 2022, under which the noteholders have agreed to forbear from exercising any and all remedies available to them as a result of MEMP's previously announced election to not make an interest payment of approximately $24.6 million due on the 2021 notes. The Forbearance Agreement extends through December 7, 2016. In addition, MEMP reached an agreement with the lenders under its revolving credit facility to extend through December 16, 2016, the waiver that was previously granted in connection with MEMP's election not to make the interest payment on the 2021 notes as noted above. As previously announced MEMP is engaged in ongoing discussions with its lenders and a steering committee of its noteholders regarding potential strategic alternatives to strengthen its balance sheet and improve its capital structure. The Forbearance Agreement and Extended Waiver will allow the parties to continue this dialogue and work towards a comprehensive solution that substantially improves MEMP's balance sheet. Operations are continuing as normal across MEMP's asset base. Shares of Memorial Production are up almost 33% or 17c to 69c per share in morning trade.

MEMP Memorial Production
$0.52

0.2048 (65.02%)

03/21/16
03/21/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Atlas Resource Partners (ARP), EV Energy (EVEP) and Memorial Production (MEMP) downgraded to Sell at Citi by analyst Faisel Khan, who said upstream master limited partnerships will continue to face an "extremely challenging" 2016 amid low liquidity and high levels of debt. 2. NetApp (NTAP) downgraded to Underperform at Macquarie with analyst Rajesh Ghai saying NetApp's core mid-range Enterprise installed base continues to be a target of of pure play Flash players but is also likely to be further exposed as Hyper Converged Infrastructure gains steam in 2016. 3. U.S. Steel (X) downgraded to Underperform at Jefferies by analyst Seth Rosenfeld, who said valuations in the steel space are "increasingly hard to justify" following the recent rally. The analyst expects steel pricing to lose momentum into summer. 4. Aviva (AV) downgraded to Market Perform at Bernstein with analyst Edward Houghton saying the company lacks a longer-term growth plan and will end up using excess capital on acquisitions rather than returning it to shareholders. 5. Intel (INTC) downgraded to Underperform at Bernstein by analyst Stacy Rasgon, who said the lack of a Q1 preanounncement does not mean the company is "out of the woods," and it is still possible that the quarter comes in below guidance. The analyst also believes Q2 numbers appear too high, even if Q1 is fine. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/21/16
RAJA
10/21/16
DOWNGRADE
RAJA
Underperform
Memorial Production downgraded to Underperform at Raymond James
Raymond James analyst Kevin Smith downgraded Memorial Production to Underperform from Market Perform on liquidity concerns. Smith sees the upcoming borrowing base redetermination as a potentially significant negative catalyst as lenders will use a crude price outlook that is slightly below strip pricing in the redetermination. Combined with a declining production profile and favorable hedges rolling off, the analyst believes Memorial could see a borrowing base reduction of 15-20%, significantly limiting Memorial's liquidity.
10/31/16
FBRC
10/31/16
DOWNGRADE
Target $1
FBRC
Market Perform
Memorial Production downgraded to Market Perform from Outperform at FBR Capital
FBR Capital analyst Chad Mabry downgraded Memorial Production to Market Perform saying he can no longer recommend owning the shares following the suspension of the company's distribution. Mabry cut his price target for the shares to $1 from $3.50.
10/31/16
STFL
10/31/16
DOWNGRADE
STFL
Sell
Memorial Production downgraded to Sell from Hold at Stifel
Stifel analyst Brian Brungardt, Jr.,downgraded Memorial Production after the company suspended its distribution and retained a firm to explore strategic alternatives in its capital structure. The analyst thinks that the latter step could " further erode future value for equity holders." Target to 50c from $2.

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