Brief: Perpetual Energy announces credit facility reduction, note-swap proposal

Perpetual Energy

13/04/2016 15:18

April 13 (Reuters) - Perpetual Energy Inc: 
    * Revolving credit facility with a syndicate of banks will 
be reduced from $20 million to $6 million 
    * Revolving credit facility will be reduced effective April 
1, 2016 
    * New margin loan to reduce Tourmaline shares pledged to 
current margin arrangements from 5.25 million to about 2.1 
million Tourmaline shares 
    * New margin loan extends maturity date from Oct 31, 2016 
through April 30, 2017; total credit expected to be about $20 
million-$25 million 
    * Proceeds from new margin loan, available cash on hand will 
be used to repay outstanding $42 million margin loan with 
lenders' syndicate 
    * Proposing to swap minimum of $75 million of senior notes 
up to $150 million aggregate principal amount of senior notes 
 
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