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Fly News Breaks for March 1, 2016
BCEI
Mar 1, 2016 | 07:17 EDT
Topeka downgraded Bonanza Creek to Hold after failing to close its previously disclosed Rocky Mountain Infrastructure transaction with privately held Meritage Midstream. The firm notes, at current strop prices and without a liquidity event, its 2.5x senior secured debt covenant could be breached in Q4. Note this is the fourth downgrade today in Bonanza shares.
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