Rex Energy exchanges $13.75 million convertible preferreds, $2.2 million notes for stock

New York, April 18 – Rex Energy Corp. agreed to exchange $13.75 million of its 6% series A convertible perpetual preferred stock and $2,198,474 of its 1%/8% senior secured second-lien notes due 2020 for common stock.

The company will issue a total of 1,924,618 shares, or 2.8% of the total outstanding after the exchange, according to an 8-K filing with the Securities and Exchange Commission. Rex Energy stock closed at $1.10 on Friday.

Rex entered into the exchange agreement on Sunday.

As part of the exchange, all accrued dividends and interest will be waived.

Based in State College, Pa., Rex Energy is an oil and gas exploration and production company.

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