19 de abril de 2016 / 6:41 / hace un año

BRIEF-Pacific announces comprehensive restructuring agreement with Catalyst Capital

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

* Says funding creditors to provide U.S. $250 million of DIP financing

* Creditor DIP financing to not be repaid at exit of restructuring deal and to convert into 5-year secured notes on customary terms

* Says catalyst has committed to providing u.s. $250 million of dip financing

* Claims by co’s creditors,other unsecured creditors(not of co’s units), to be fully extinguished,exchanged for 58.2% of shares of reorganized co Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below