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Lonestar Resources misses coupon on 11¼% notes, enters grace period
By Wendy Van Sickle
Columbus, Ohio, July 1 – Lonestar Resources US Inc. elected not to make the $14.1 million interest payment due July 1 on its 11¼% senior notes due 2023, according to an 8-K filing with the Securities and Exchange Commission.
The decision to miss the interest payment was made in order to evaluate strategic alternatives, the company said. Under the note indenture, Lonestar has a 30-day grace period to make the interest payment before the non-payment constitutes an event of default.
The Fort Worth-based oil and natural gas company plans to use the proceeds to pay off its 8¾% senior notes due 2019.
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