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SUBSEQUENT EVENTS | 9 Months Ended
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Sep. 30, 2021
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS 5.0% Senior Notes due 2026 On October 13, 2021, Bonanza Creek completed its previously announced offering (the “Offering”) of $400.0 million aggregate principal amount of 5.0% Senior Notes due 2026 (the “Bonanza Creek 5.0% Senior Notes”). Following the closing of the Offering, the Company used the net proceeds from the Offering and cash on hand to repay all borrowings under the Credit Facility and expects to use the remainder to repay all borrowings outstanding under the Crestone Peak credit facility and for general corporate purposes. The Bonanza Creek 5.0% Senior Notes are subject to a special mandatory redemption (a “Special Mandatory Redemption”) in the event that the consummation of the XOG Merger and the Crestone Peak Merger, and, collectively, the “Mergers” does not occur on or before December 31, 2021 or if Bonanza Creek notifies the trustee that it will not pursue the consummation of the Mergers. In the event of a Special Mandatory Redemption, Bonanza Creek is required to redeem the Bonanza Creek 5.0% Senior Notes then outstanding at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption date. At any time prior to October 15, 2023, Bonanza Creek may redeem the Bonanza Creek 5.0% Senior Notes, in whole or in part, at a redemption price equal to the sum of (i) the principal amount thereof, plus (ii) the “make-whole” premium at the redemption date, plus (iii) accrued and unpaid interest, if any, to, but excluding, the date of redemption (subject to the right of the noteholders on the relevant record date to receive interest on the relevant interest payment date). On or after October 15, 2023, Bonanza Creek may redeem all or part of the Bonanza Creek 5.0% Senior Notes at redemption prices (expressed as percentages of the principal amount redeemed) equal to (i) 102.5% for the twelve-month period beginning on October 15, 2023; (ii) 101.25% for the twelve-month period beginning on October 15, 2024; and (iii) 100.0% for the twelve-month period beginning October 15, 2025 and at any time thereafter, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of the noteholders on the relevant record date to receive interest on the relevant interest payment date). Bonanza Creek may redeem up to 35% of the aggregate principal amount of the Bonanza Creek 5.0% Senior Notes at any time prior to October 15, 2023 with an amount not to exceed the net cash proceeds from certain equity offerings at a redemption price equal to 105.0% of the principal amount of the Bonanza Creek 5.0% Senior Notes redeemed, plus accrued and unpaid interest, if any, thereon to, but not including, the redemption date, provided, however, that (i) at least 65.0% of the aggregate principal amount of the Bonanza Creek 5.0% Senior Notes originally issued on the issue date (but excluding Bonanza Creek 5.0% Senior Notes held by BCEI and its subsidiaries) remains outstanding immediately after the occurrence of such redemption (unless all such Bonanza Creek 5.0% Senior Notes are redeemed substantially concurrently) and (ii) the redemption occurs within 180 days after the date of the closing of such equity offering. The Bonanza Creek 5.0% Senior Notes were issued by Bonanza Creek pursuant to an indenture, dated October 13, 2021, among BCEI, the guarantors party thereto and Wells Fargo Bank, National Association, as trustee. The Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of Bonanza Creek’s existing subsidiaries that incur or guarantee indebtedness under the Credit Facility and will be guaranteed by the entities that will become guarantors under the Credit Facility upon consummation of the Mergers as well as by certain other future subsidiaries that may be required to guarantee the Bonanza Creek 5.0% Senior Notes.The Bonanza Creek 5.0% Senior Notes will mature on October 15, 2026. Interest on the Bonanza Creek 5.0% Senior Notes will accrue at the rate of 5.0% per annum and will be payable semiannually in arrears on April 15 and October 15, commencing on April 15, 2022.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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