Tapstone Energy finishes debt restructuring despite plunging oil prices

WALL STREET JOURNAL đź”’| Shale driller Tapstone Energy LLC said Monday it has completed a financial restructuring, despite a historic plunge in U.S. oil prices, trimming about $450 million in debt from its balance sheet. Kennedy Lewis Investment Management LLC backstopped a $50 million rights offering while Tapstone lenders exchanged debt for equity in the business and a new $145 million senior loan. Holders of unsecured bonds maturing in 2022, meanwhile, exchanged that debt for common equity and a new $5 million loan, Tapstone said.

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