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Bonanza Creek Energy elects not to make interest payment

Oct. 14, 2016 6:22 PM ETCivitas Resources, Inc. (CIVI) StockCIVIBy: Carl Surran, SA News Editor24 Comments
  • Bonanza Creek Energy (NYSE:BCEI) -7.7% AH after saying it will not make the interest payment due on Oct. 15 for $500M of 6.75% senior notes due 2021.
  • BCEI now enters a 30-day grace period to make the bond interest payment, which also applies to any potential cross-default under the credit facility with respect to the payment.
  • BCEI faced a similar situation in August, when it made a bond interest payment following a 30-day grace period.

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