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 To contact the editors responsible for this story: Nabila Ahmed at Kenneth Pringle, Eric J. Weiner


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