BRIEF-Perpetual Energy announces credit facility reduction, note-swap proposal

Wed Apr 13, 2016 10:32am EDT
 
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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 Source text for Eikon: Further company coverage: