May 24, 2017 11:12 AM ET

Energy Equipment and Services

Company Overview of Nomac Drilling, L.L.C.

Company Overview

Nomac Drilling, L.L.C. provides oil and gas drilling services. Nomac Drilling, L.L.C. was founded in 2001 and is based in El Reno, Oklahoma. Nomac Drilling, L.L.C. operates as a subsidiary of Chesapeake Oilfield Operating, L.L.C.

3400 South Radio Road

El Reno, OK 73036

United States

Founded in 2001

Phone:

405-422-2754

Fax:

405-422-2750

Key Executives for Nomac Drilling, L.L.C.

Nomac Drilling, L.L.C. does not have any Key Executives recorded.

Nomac Drilling, L.L.C. Key Developments

First Amended Reorganization Plan Approved for Seventy Seven Finance Inc.

The US Bankruptcy Court approved the first amended prepackaged reorganization plan of Seventy Seven Finance, Inc. on July 14, 2016. The debtor filed its amended plan in the Court on July 8, 2016. As per the order, the administrative claims, fee claims, priority tax claims and DIP facility claims will be paid in full in cash. The secured claims of Term Loan of $393 million plus interests will be issued amended term loan agreement in full amount. The Incremental Term Loan claims of $99 million will be paid in cash and as per existing loan document. The OpCo Notes claims of $650 million will be paid 50% of the allowed claims through issuance of new Holdco common shares of 96.75% and HoldCo Notes claims of $450 million will be paid 6.2% of the allowed claims through issuance of new Holdco common shares of 3.25%. Guaranty claims will be paid in full in cash. The Existing Holdco equity interests will be cancelled. Existing OpCo Interests will be reinstated. Unsecured claims will be paid in cash in full. The plan will be funded from cash on hand and issuance of new debt note and issuance of new Holdco common shares and exit facility of $100 million.

Exit Financing Approved for Seventy Seven Finance Inc.

The US Bankruptcy Court gave an order to Seventy Seven Finance Inc. to obtain exit financing on July 10, 2016. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $100 million from Wells Fargo Bank, N.A. and Bank of America with Wells Fargo Bank, N.A. acting as the administrative agent. The Bank of America and Wells Fargo both will provide $50 million each. The exit facility would either carry an interest rate of LIBOR plus 2% p.a., along with a 2% p.a. interest in the event of default. As per the terms of the exit financing agreement, the debtor will pay exit facility fee of $0.85 million and unused fee of 0.05%. The exit facility would mature on June 25, 2019. The proceeds of exit facility would be used to fund the debtor’s reorganization plan / to pay off the claim of debtor’s secured lender and DIP Claims.

First Amended Reorganization Plan Filed by Seventy Seven Finance Inc.

Seventy Seven Finance Inc. filed a first amended plan of reorganization statement in the US Bankruptcy Court on July 8, 2016. Under the amended plan, there is no change in treatment of various claimant classes.

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Recent Private Companies Transactions

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No transactions available in the past 12 months.
 

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