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Long KWK, Short SPY
On July 22nd, Quicksilver Resources Inc. (NYSE: KWK) announced that it entered into a definitive agreement to sell all of its interests in Quicksilver Gas Services to Crestwood Midstream Partners II, LLC, a portfolio company of First Reserve Corporation, along with the subordinated note receivable from Quicksilver Gas Services LP (NYSE: KGS), for $701 million in cash at closing plus up to $72 million in additional earn-out payments and the resulting elimination of $228 million of consolidated debt associated with Quicksilver Gas Services LP.
Proceeds from this transaction will further enhance Quicksilver's liquidity. Upon closing, Quicksilver expects to repay all outstanding borrowings under its $1 billion senior secured credit facility, of which approximately $528 million is currently outstanding, resulting in total liquidity of more than $1 billion. Net debt, defined as total debt less cash and marketable securities, is expected to drop to approximately $.83 per thousand cubic feet of proved developed natural gas reserve equivalents and net debt as a percent of total capitalization is expected to be reduced to approximately 59%, pro forma after this transaction. Click to view this pair.
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