Penn West Energy subsidiary closes first tranche of $230 million notes

By Lisa Kerner

Charlotte, N.C., Dec. 3 - Penn West Energy Trust said that its Penn West Petroleum Ltd. subsidiary closed the first tranche, or $155 million, of its previously announced senior notes.

Proceeds were applied to advances on the company's syndicated bank facility.

The second tranche is slated to close on Jan. 4.

Penn West said the total principal amount of both tranches is about $230 million.

The notes, issued in a private placement in the United States and Canada, have an average term of 11 years and an average interest rate of 4.99%.

Penn West is a Calgary, Alta., oil and gas investment trust.

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