Mission Resources swaps $15 million 10 7/8% notes for stock

New York, Feb. 25 - Mission Resources Corp. said it exchanged $15 million of its 10 7/8% senior subordinated notes due 2007 for 6.25 million shares of common stock.

The Houston oil and gas exploration and production company carried out the transaction with Stellar Funding Ltd., a private investment fund managed by an affiliate of Guggenheim Capital LLC.

"I am pleased to complete yet another very positive step toward Mission's full financial recovery," said Mission chairman, president and chief executive officer Robert L. Cavnar in a news release. "This transaction further strengthens our balance sheet and reduces our interest expense. We believe that we are now well positioned in our current negotiations to replace our existing senior credit facility."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.