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Pacific announces formation of a lender steering committee and appointment of Lazard as its financial advisor
Pacific announces formation of a lender steering committee and appointment of Lazard as its financial advisor.
About this update from Prestige Cars International, Inc.
[{"type":"text","content":"\n\n\n\nPacific announces formation of a lender steering committee and appointment of Lazard as its financial advisor\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\n\n\n\n\n\nPacific announces formation of a lender steering committee and appointment of Lazard as its financial advisor\nCanada NewsWire\nTORONTO, Dec. 17, 2015\n\n\n\nTORONTO, Dec. 17, 2015 /CNW/ - Pacific Exploration & Production Corp. (TSX: PRE) (BVC: PREC) announced today that the syndicate of lenders under its U.S.$1 billion revolving credit and guaranty agreement (the \"Revolving Credit Agreement\") have formed a steering committee to negotiate the terms of a potential extension of covenant relief currently in place until December 28, 2015.  The Company is seeking a similar extension under the following agreements: (i) the U.S.$250 million credit and guaranty agreement with HSBC Bank USA, N.A., as agent; (ii) the U.S.$109 million credit and guaranty agreement with Bank of America, N.A. as lender; and (iii) the U.S.$75 million master credit agreement with Banco Latino Americano de Comercio Exterior, S.A. as lender (and together with the Revolving Credit Agreement, the \"Credit Agreements\").  \n\nAs previously announced on September 29, 2015, the Company obtained waivers (the \"Waivers\") from its lenders in respect of the covenant that otherwise requires the Company to maintain its consolidated net worth above U.S.$1 billion until December 28, 2015. The Waivers were obtained with respect to each of the Credit Agreements.\n\nThe Company also announced today the appointment of Lazard Frères & Co. LLC as its financial advisor in order to assist with the negotiations, which are ongoing.\n\nThe Company is not aware of any other material information that would account for the recent share price movement.\n\nAbout Pacific:\n\nPacific is a Canadian public company and a leading explorer and producer of natural gas and crude oil, with operations focused in Latin America. The Company has a diversified portfolio of assets with interests in more than 85 exploration and production blocks in seven c...