Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
3 Months Ended
Mar. 31, 2014
Subsequent Events  
Subsequent Events

(11)  Subsequent Events

 

On April 1, 2014, the Company granted restricted stock unit awards for 1,902,899 shares at a grant date fair value of $123.8 million, which will be recognized as expense over vesting periods of approximately 3.5 to 4 years.

 

On April 23, 2014, the Company delivered notice of its election to redeem the 2019 notes that remain outstanding on May 23, 2014 at a redemption price of 100% of the principal amount thereof plus a “make-whole” premium and accrued interest. The redemption will be financed using a portion of the proceeds from the offering of the 2022 notes described below.

 

On May 5, 2014 the Credit Facility was amended to increase the face amount of the facility from $2.5 billion to $3.5 billion, to increase the borrowing base from $2.0 billion to $3.0 billion, and to increase lender commitments from $1.5 billion to $2.0 billion. The maturity date of the facility was amended from May 2016 to May 2019.

 

On May 6, 2014, the Company issued $600 million of its 5.125% senior subordinated notes due 2022 at par.  A portion of the net proceeds from the sale of the 2022 notes will be used to redeem all outstanding 2019 notes and the remainder will be used to partially repay amounts outstanding under the Credit Facility.