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Perpetual Energy completes exchange of 8¾% senior notes due 2022
By Wendy Van Sickle
Columbus, Ohio, Jan. 22 – Perpetual Energy Inc. completed the exchange of its outstanding 8¾% senior notes due Jan. 23, 2022 for new 8¾% secured third-lien notes due Jan. 23, 2025 under a court-approved plan of arrangement, according to a company news release.
The new Regulation S notes were issued under a new trust indenture with substantially the same terms as the old notes except that the new notes will be secured on a third-lien basis subordinate to senior debt and interest will be paid either in cash, additional new notes (PIK interest payment) or a combination of cash and notes.
Holders of new notes will receive C$43.75 per C$1,000 principal amount of notes in a PIK interest payment, representing all accrued and unpaid interest outstanding from July 23, 2020 up to, but excluding, Jan. 23 as the first interest payment.
The exchange was undertaken under an interim court order. Special meetings of noteholders and shareholders were held Friday at 11 a.m. ET and 11:30 a.m. ET, during which the exchange arrangement was approved. The company appeared before the court and received a final order later on Friday.
Perpetual Energy is a Calgary, Alta., energy company.
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