BRIEF-EIG submits proposal to buy Pacific Exploration & Production Corp

Mon May 9, 2016 12:48pm EDT
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May 9 (Reuters) - EIG Global Energy Partners:

* EIG submits binding proposal to acquire Pacific Exploration & Production Corporation

* Deal includes additional $75 million capital infusion and $400 million "cash out" offer

* Recovery value of at least 15.4¢ per dollar, a 67.1% premium to Catalyst proposal

* Proposed $250 million DIP financing would convert into less equity of reorganized company than in Catalyst proposal

* Says proposal also provides $80 million in additional market notes to creditors Source text for Eikon: Further company coverage: