Bonanza Creek agrees to buy HighPoint Resources in a transaction valued at about $376 million.
- Bonanza to issue 9.8m shares of stock and up to $100m in senior unsecured notes as part of the transaction
- Deal creates a company of scale in the rural DJ Basin with production of 50,000 Boe/d and a consolidated, contiguous leasehold position of approximately 206,000 net acres
- Upon closing, Bonanza holders to own about 68% of combined company and HighPoint’s stakeholders will own 32%
- Company and Fifth Creek Energy, which owns about 46.5% of outstanding shares of HighPoint, have entered into support pact
- Deal expected ...