Perpetual Energy calls 7.25% convertible debentures due Jan. 31, 2015

By Tali Rackner

Norfolk, Va., July 23 – Perpetual Energy Inc. called all of its outstanding 7.25% convertible debentures due Jan. 31, 2015 for a total cash amount of C$99.9 million, according to a company press release.

The convertibles will be redeemed on Aug. 25.

Proceeds from the company’s new issuance of C$125 million 8.75% senior notes due July 23, 2019 will be used to fund the redemption.

The remaining proceeds will be used to repay existing bank debt under Perpetual's credit facility, to assist in the future repayment of its 7% convertible debentures due Dec. 31, 2015 and for general corporate purposes.

Perpetual Energy is a natural gas producer based in Calgary, Alta.

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