BRIEF-Paramount resources enters agreement with unit of Pembina Pipeline for sale of its Musreau Complex and related midstream assets

Thu Mar 17, 2016 6:14pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

March 17 (Reuters) - Paramount Resources Ltd

* Paramount will receive $556 million in cash at closing, plus a $35 million capital commitment

* Paramount will receive $556 million in cash at closing, plus a $35 million capital commitment

* RBC capital markets is acting as financial advisor to Paramount on midstream transaction

* Paramount announces the sale of its musreau complex for cash and other considerations in excess of $600 million and releases its 2015 annual results

* Entered agreement with unit of Pembina Pipeline for sale of its Musreau Complex and related midstream assets

* As part of midstream transaction, co and Pembina have entered into midstream service agreement which includes a 20-year arrangement

* Upon closing, proceeds from midstream transaction will be used to pay down company's bank credit facility Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)