Business
Pacific announces intention to utilize 30 day grace period under the indentures governing its 5.625% notes due in 2025 and its 5.375% notes due in 2019 to assess strategic alternatives and an extension to the minimum liquidity deadline under the waivers t
Pacific announces intention to utilize 30 day grace period under the indentures governing its 5.625% notes due in 2025 and its 5.375% notes due in 2019 to assess strategic alternatives and an extension to the minimum liquidity deadline under the waivers t.
About this update from Prestige Cars International, Inc.
[{"type":"text","content":"\n\n\n\nPacific announces intention to utilize 30 day grace period under the indentures governing its 5.625% notes due in 2025 and its 5.375% notes due in 2019 to assess strategic alternatives and an extension to the minimum liquidity deadline under the waivers to its credit agreements\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\nPacific announces intention to utilize 30 day grace period under the indentures governing its 5.625% notes due in 2025 and its 5.375% notes due in 2019 to assess strategic alternatives and an extension to the minimum liquidity deadline under the waivers to its credit agreements\nCanada NewsWire\nTORONTO, Jan. 14, 2016\n\n\n\nTORONTO, Jan. 14, 2016 /CNW/ - Pacific Exploration & Production Corp. (TSX: PRE) (BVC: PREC) announced today that it has elected to utilize the 30 day grace period (the \"Grace Period\") pursuant to the indentures governing its 5.625% notes due January 19, 2025 (the \"5.625% Notes\") and its 5.375% notes due January 26, 2019 (the \"5.375 Notes\", and together with the 5.625% Notes, the \"Notes\") rather than make the interest payments due on January 19, 2016 and January 26, 2016, respectively, in connection with these Notes.\n\n\nSpecifically, the following interest payments will not be paid on the scheduled payment dates: (i) U.S.$31.3 million in the aggregate in respect of the 5.625% Notes scheduled to be paid on January 19, 2016; and (ii) U.S.$34.9 million in the aggregate in respect of the 5.375% Notes scheduled to be paid on January 26, 2016 (collectively, the \"January Interest Payments\"). The Company has elected to use the Grace Period to assess strategic alternatives with respect to its capital structure.\n\nThe Company's current liquidity position is being impacted by the significantly depressed international oil prices. The Company will use the Grace Period to engage with its creditors (including its lenders and holders of each series of the Company's notes) with a view to making its capital structure more suitable to current market conditions. The Company remains and inten...