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Subsequent Events
12 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
2016 7 7/8% Senior Unsecured Notes Exchange
Notes Exchange Agreement
We entered into an exchange agreement and a related amendment on November 29, 2022 and December 9, 2022, respectively, (the “Exchange Agreement”) with holders of approximately $475 million of our 2016 Senior Unsecured Notes (refer to Note 6). The Exchange Agreement provided for the exchange (the “Notes Exchange”) of the holders’ approximately $475 million 2016 Senior Unsecured Notes for newly issued senior unsecured notes with interest at 13.25% per annum (the “2022 Senior Unsecured Notes”). The 2022 Senior Unsecured Notes were issued at a ratio of $1,052.63 in principal amount for each $1,000
aggregate principal amount of 2016 Senior Unsecured Notes, plus accrued interest, under an indenture dated as of December 9, 2022.
The 2022 Senior Unsecured Notes are redeemable by us at a price equal to 100% of the principal amount through June 15, 2024, and at specified, fixed premiums thereafter, in each case plus accrued interest. The 2022 Senior Unsecured Notes are unsecured, unsubordinated obligations and are guaranteed by certain of our restricted subsidiaries, as well as certain future restricted subsidiaries or subsidiaries that incur more than $25.0 million in debt.
The 2022 Senior Unsecured Notes mature on December 15, 2027. Interest on the 2022 Senior Unsecured Notes is payable semi-annually in arrears on June 15 and December 15, commencing on June 15, 2023.
Exchange Settlements
We completed the initial settlement (the “Initial Settlement”), a second settlement and a final settlement under the Exchange Agreement on December 9, 2022, December 14, 2022 and December 19, 2022, respectively, whereby we issued $502.5 million in aggregate principal amount of 2022 Senior Unsecured Notes, and consequently cancelled $477.3 million in aggregate principal amount of 2016 Senior Unsecured Notes. Following the final settlement, $22.7 million in aggregate principal amount of 2016 Senior Unsecured Notes remain outstanding.
Supplemental Indenture
Concurrently with the Initial Settlement, we entered into a supplemental indenture to the existing indenture governing the 2016 Senior Unsecured Notes. As of the Initial Settlement, the supplemental indenture provided for, among other things, certain amendments to the existing indenture governing the 2016 Senior Unsecured Notes, including modifying our and our restricted subsidiaries ability to incur certain additional debt, pay certain dividends or distributions and make certain investments.
As of the final settlement on December 19, 2022, the supplemental indenture provided for certain additional amendments to the existing indenture governing the 2016 Senior Unsecured Notes. These amendments removed substantially all of the restrictive covenants contained in the existing indenture governing the 2016 Senior Unsecured Notes, including, but not limited to, covenants limiting our and our restricted subsidiaries ability to incur additional debt, pay dividends or distributions, make certain investments, create liens on assets, enter into transactions with affiliates or sell assets.