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Distributions to Prepetition Noteholders

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Nisti   Wednesday, 05/22/19 08:16:09 PM
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Distributions to Prepetition Noteholders

On the Effective Date and pursuant to the Plan, the Company’s existing securities were cancelled and the Company issued 4,436,130 shares of Class A common stock in Jones Energy II, Inc. (the “Class A Common Stock”), 9,843,870 shares of Class B common stock in Jones Energy II, Inc. (the “Class B Common Stock”), together with a corresponding number of common units in Jones Energy Holdings II, LLC (the “Common Units” and, together with the Class A Common Stock and Class B Common Stock, the “New Common Equity”), and 2,520,000 5-year warrants convertible into New Common Equity (the “New Warrants”). The Company expects that its newly issued Class A common stock and New Warrants will be quoted on the OTC Pink Market under the ticker symbols JEII and JEII.W, respectively.

The holders of the First Lien Notes received their pro rata share of 96% of the New Common Equity, or 30.464 shares of New Common Equity per $1,000 principal amount of First Lien Notes. The holders of the Unsecured Notes received their pro rata share of 4% of the New Common Equity, or 1.017 shares of New Common Equity per $1,000 principal amount of Unsecured Notes due 2022 or 1.034 shares of New Common Equity per $1,000 principal amount of Unsecured Notes due 2023. The distributed New Common Equity is subject to dilution by the Management Incentive Plan (as defined in the Plan) and the New Warrants.

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