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BRIEF-Pengrowth announces plan to reduce outstanding debt by $530 mln

Published 2017-02-21, 09:03 a/m
© Reuters. BRIEF-Pengrowth announces plan to reduce outstanding debt by $530 mln
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Feb 21 (Reuters) - Pengrowth Energy Corp PGF.TO

* Pengrowth announces plan to reduce outstanding debt by $530 mln through retirement of $127 mln of convertible debentures and the prepayment of us $300 mln of the 6.35 pct senior notes due July 26, 2017

* Pengrowth Energy Corp - plan to reduce its outstanding debt through use of existing cash on hand

* Pengrowth Energy Corp - intends to use cash on hand to retire $127 million of convertible debentures, on maturity on March 31, 2017

* Pengrowth Energy - to use remaining cash to pre-pay us $300 million principal amount outstanding of us $400 million 6.35 pct senior notes maturing July 26, 2017

* Pengrowth Energy Corp - following payments, co expects pro-forma debt to be reduced to about $1.1 billion and comprised entirely of senior term notes Source text for Eikon: ID:nMKW5Pk41a Further company coverage: PGF.TO

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