Perpetual Energy Swaps More Senior Notes for Tourmaline Shares

(Bloomberg) --

Perpetual Energy Inc. exchanged more of its senior debt for shares in Tourmaline Oil Corp.

The Calgary-based oil and gas company said it had swapped an additional C$2 million ($1.6 million) of 8.75 percent senior notes, on top of C$150 million exchanged on April 27, for a total of C$152 million of senior notes traded for 3.1 million Tourmaline shares, it said in a statement.

An aggregate C$211.8 million principal amount of senior notes have been tendered, including C$138.6 million held by Perpetual’s directors and officers, the company said. Perpetual has a maximum swap amount of C$235 million in senior notes.

The deadline for noteholders to accept a swap was extended to May 13 from May 10.

Shares of Calgary-based Tourmaline rose 0.8 percent to C$29.68 at 9:58 a.m. in Toronto, and have gained 33 percent this year.

To contact the reporter on this story: Allison McNeely in Toronto at amcneely@bloomberg.net To contact the editors responsible for this story: Nabila Ahmed at nahmed54@bloomberg.net Kenneth Pringle, Eric J. Weiner

Copyright 2017 Bloomberg News.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles
From the Career Center
Jobs that may interest you
Drilling & Completions Cost Engineer
Expertise: Cost Engineer
Location: Houston, TX
 
Project Controls Intern Job
Expertise: Project Controls|Student / Recent Grad
Location: Amarillo, TX
 
Drilling and Complations Cost Engineer
Expertise: Cost Engineer
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $51.68/BBL 0.27%
Light Crude Oil : $49.25/BBL 0.74%
Natural Gas : $3.24/MMBtu 3.18%
Updated in last 24 hours