Brief: Crew Energy Announces Strategic Debt And Cost Reduction Transactions

Crew Energy

17/01/2020 12:41

Jan 17 (Reuters) - Crew Energy Inc  CR.TO :
    * CREW ENERGY INC. ANNOUNCES STRATEGIC DEBT AND COST
REDUCTION
TRANSACTIONS
    * CREW ENERGY - ENTERED PURCHASE & SALE AGREEMENT FOR
DISPOSITION
OF 22% NET WORKING INTEREST IN EACH OF ITS SEPTIMUS FACILITY,
WEST SEPTIMUS FACILITY
    * CREW ENERGY - EXERCISED ITS OPTION TO ACQUIRE AN
APPROXIMATE 16%
NET INTEREST IN NEBC FACILITIES FOR $11.7 MILLION
    * CREW ENERGY INC - DEAL FOR AGGREGATE CONSIDERATION OF
$70.0
MILLION
    * CREW ENERGY - UPON TRANSACTION CLOSING, PROCEEDS FROM
DISPOSITION WILL BE USED TO REDUCE OUTSTANDING INDEBTEDNESS
UNDER CO'S $235 MILLION CREDIT FACILITY
    * CREW ENERGY INC - CREW WILL ENTER INTO A 20-YEAR
PROCESSING
ARRANGEMENT WITH A COMMITMENT OF APPROXIMATELY $6.4 MILLION PER
YEAR TO BE PAID TO PURCHASER

Source text for Eikon:  ID:nCNWskQtqa 
Further company coverage:  CR.TO 

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