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Jones Energy Distressed Debt Exchange

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On May 14, 2018, Jones Energy, Inc. announced that the previously declared contingent dividend payment on the Company’s 8% Series A perpetual convertible preferred stock will not be paid. The foregone dividend is for the period beginning on the last payment date of February 15, 2018 through May 14, 2018, payable to holders of preferred stock of record as of May 1, 2018. The Company is currently prohibited from paying cash dividends on the preferred stock under the terms of its indebtedness. In order for the Company to pay the dividend in full in shares of Class A common stock, the average of the daily volume weighted average price per share of Class A common stock for each day during the five consecutive day trading period ending May 14, 2018, must be at or above $0.76. The dividend valuation price did not meet the floor price.  The right to receive this dividend will accrue for holders of preferred stock. Future preferred stock dividend payments will be evaluated on a quarterly basis. Read more on distressed companies.

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