{ "docId": "019de06f-c992-73cc-a21b-acd89fd9cc73", "docSlug": "c5a3f313200dc3d1c0b9e5807de072fd", "documentTitle": "Evercore | Investment Banking Pitch Book | 14 slides", "authorId": "evercore", "authorName": "Evercore", "documentKindSlug": "deck", "documentKindLabel": "Deck", "sourceTypeSlug": "investment_bank", "sourceTypeLabel": "Investment bank", "presentationDate": "2019-03-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 3, "pageCount": 14, "prevPage": 2, "nextPage": 4, "slideType": "executive_summary", "function": "summarize", "density": "overcrowded", "nDataPoints": 1, "notes": "The slide outlines the status of negotiations with RBL lenders and 2L noteholders, including a potential $65M DIP-to-Exit facility.", "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de06f-c992-73cc-a21b-acd89fd9cc73/3", "deckHref": "/decks/019de06f-c992-73cc-a21b-acd89fd9cc73", "deckJsonHref": "/decks/019de06f-c992-73cc-a21b-acd89fd9cc73.json", "deckAnchorHref": "/decks/019de06f-c992-73cc-a21b-acd89fd9cc73#slide-3", "components": [ { "bbox": { "h": 0.04, "w": 0.87, "x": 0.085, "y": 0.325 }, "kind": "list", "text": "Based on current discussions, a significant equitization of the RBL, FILO Term Loan, and 2L Notes is expected", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0573235c-f7b5-455a-9f07-08b7c241ee24", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.87, "x": 0.085, "y": 0.225 }, "kind": "list", "text": "A Chapter 11 filing may occur as early as the end of March and the Company is working towards an RSA with the RBL and FILO lenders prior to the filing", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0bc55090-63f0-4c0e-8494-91d1759a9d3b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.845, "x": 0.11, "y": 0.475 }, "kind": "list", "text": "The Company hopes to have specificity on the warrant proposal from the SteerCo in short order", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "55ac5238-fd47-44e1-b63f-503fe011a05f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.845, "x": 0.11, "y": 0.275 }, "kind": "list", "text": "Based on the current 13 week cash flow forecast, the Company may only have a window to meet pre-filing liquidity needs at the end of next week", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c6aadb1b-c87f-47e9-b09e-6da84a1a4bd5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.87, "x": 0.085, "y": 0.52 }, "kind": "list", "text": "The Company is also seeking to raise a $65 million DIP-to-Exit Facility", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d7f320e5-9f05-44f3-ac54-deb6cfe1619a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.87, "x": 0.085, "y": 0.425 }, "kind": "list", "text": "On 3/21/19, the SteerCo provided the Company a counterproposal providing 2L Notes warrants with terms TBD", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fe373daa-bc3e-49eb-95ed-527b0cea07fb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.91, "x": 0.045, "y": 0.57 }, "kind": "paragraph", "text": "The Company would like to engage with the 2L Noteholders on the terms of a consensual plan which would provide some recovery to the 2L Noteholders", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "55afd8cd-aea0-44b3-bfd5-7dc90caed5c5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.91, "x": 0.045, "y": 0.38 }, "kind": "paragraph", "text": "The Company has been in negotiations with the Steering Committee of RBL Lenders (\"SteerCo\") regarding recovery to the 2L Notes", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a51123b0-dd32-4789-8f4d-9f16ce9bc3a0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.91, "x": 0.045, "y": 0.145 }, "kind": "paragraph", "text": "Vanguard Natural Resources, Inc. (\"Vanguard\" or the \"Company\") is currently engaged in active dialogue with its key constituents on a comprehensive balance sheet restructuring that leaves the Company with flexibility and liquidity to operate on its business plan", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ed103483-2eab-449d-bc4c-08348adb0c0f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.035, "w": 0.27, "x": 0.045, "y": 0.085 }, "kind": "title", "text": "Executive Summary", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e5b751ee-a0e2-43ff-bf83-3657b946892b", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Executive summary", "slug": "executive-summary", "agent": null, "layer": "slide", "matchId": "2cdfe5ef-c6b6-48e3-b530-c40acc3c1228", "evidence": "This slide is titled 'Executive Summary' and includes a summary of key points, lists/bullets, and paragraphs/paragraphs, which are typical elements of an executive summary.", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [ { "to": 4, "from": 3, "beatId": "e8bee463-8a79-4020-b8e7-c9d201bdc500", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Situation & Context", "beatSlug": "consultants-gambit-situation-context", "evidence": "The executive summary and timeline provide context for the company's situation.", "position": 0, "confidence": 0.8, "parentBeatName": "Setup", "parentBeatSlug": "setup" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }