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Connacher Announces Deferral of Interest on 12% Convertible Notes
Connacher Announces Deferral of Interest on 12% Convertible Notes Connacher Announ...
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[{"type":"text","content":"\n\n\n\nConnacher Announces Deferral of Interest on 12% Convertible Notes\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n\n\n\n\n\n\nConnacher Announces Deferral of Interest on 12% Convertible Notes\nCanada NewsWire\nCALGARY, Dec. 15, 2015\n\n\n\nCALGARY, Dec. 15, 2015 /CNW/ - Connacher Oil and Gas Limited (CLC - TSX; \"Connacher\" or the \"Company\") today announced that in accordance with the terms and conditions of the indenture dated May 8, 2015 relating to the issuance by Connacher of US$35 million of 12% convertible notes due 2018 (the \"Notes\"), it has elected to exercise its right to defer the cash payment of interest payable on December 31, 2015 upon all such Notes until March 31, 2016 (or such other interest payment date as Connacher may subsequently elect). \n\nNo cash interest will be due or paid on the Notes on December 31, 2015 related to the US$34,989,711 aggregate principal amount of Notes currently outstanding nor the US$1,224,639.89 of interest previously deferred. \n\nFor the three months ending December 31, 2015, deferred interest relating to the aggregate principal amount of Notes is US$1,086,430.53 and incremental deferred interest is US$181,071.75. \n\nAt December 31, 2015, total deferred interest will be US$2,492,142.17.\n\nAbout Connacher\n\nConnacher is a Calgary-based in situ oil sands developer, producer, and marketer of bitumen. The Company holds a 100 per cent interest in approximately 440 million barrels of proved and probable bitumen reserves and operates two steam-assisted gravity drainage facilities located on the Company's Great Divide oil sands leases near Fort McMurray, Alberta.\n\n\nSOURCE Connacher Oil and Gas Limited\n\n\n\n\n\n\nMerle Johnson, Chief Executive Officer; Jeff Beeston, Vice President of Finance and Interim Chief Financial Officer; Connacher Oil and Gas Limited, Phone: (403) 538-6201, Fax: (403) 538-6225, Suite 900, 332 - 6th Avenue SW, Calgary, Alberta T2P 0B2, [email protected] CNW Group 2015","length":3487,"tagName":"div"}]