BRIEF-Pacific announces comprehensive restructuring agreement with Catalyst Capital

martes 19 de abril de 2016 02:37 GYT
 

April 19 (Reuters) - Pacific Exploration And Production Corporation

* Pacific announces comprehensive restructuring agreement with Catalyst Capital with support of certain of its noteholders and lenders to strengthen its financial position

* Says operations of company's subsidiaries will continue as normal and without disruption

* Restructuring transaction will result in a net reduction of indebtedness by about $5 billion

* Debtor-In-Possession financing of $500 million less original issue discount of 4% to be provided jointly by certain co's noteholders

* Break fee equal to 5% of principal amount of dip financing shall be payable by co to Catalyst,funding creditors

* Has agreed to a "no shop" provision with catalyst for a period of up to twelve weeks

* Providers of DIP financing to receive warrants to buy their pro rata share of 25% of fully diluted common shares of reorganized co

* Catalyst has agreed to backstop creditor dip financing   Continuación...