CALGARY, April 17, 2017 /CNW/ – (TSX: PMT) – Perpetual Energy Inc. (“Perpetual” or the “Company“) announces that it has successfully completed the previously announced early redemption of all of its outstanding 8.75% senior unsecured senior notes due March 15, 2018 (the “2018 Senior Notes“). Approximately $27.1 million principal amount of the 2018 Senior Notes were redeemed for cash and $0.5 million principal amount of the 2018 Senior Notes were redeemed for new 8.75% senior notes having an extended maturity date of January 23, 2022 in accordance with the terms of the notice of redemption.
In addition, in each case, holders of the 2018 Senior Notes will receive cash in the amount of $7.91 per $1,000 principal amount of 2018 Senior Notes, representing all accrued and unpaid interest on the 2018 Senior Notes to, but not including April 17, 2017.
The cash portion of the redemption was funded in part from the net proceeds of the Company’s strategic financing initiatives completed on March 14, 2017 and cash on hand.
This early redemption and the issuance of additional notes with an extended maturity date of January 23, 2022 enhances the Company’s capital structure and further supports the Company’s ability to fund its growth-orientated 2017 capital program.
The Company will release its 2017 first quarter financial and operating results on May 9, 2017. Please visit www.perpetualenergyinc.com for additional details.
Perpetual Energy Inc. is a Canadian energy company with a spectrum of resource-style opportunities spanning liquids-rich natural gas in the Alberta deep basin, shallow gas, heavy oil and bitumen. Perpetual’s shares are listed on the Toronto Stock Exchange under the symbol “PMT”.