Paramount buys back $64.22 million of 8½% notes, calls remainder

By Angela McDaniels

Tacoma, Wash., Dec. 13 - Paramount Resources Ltd. repurchased $64,216,000 of its 8½% senior notes due Jan. 1, 2013 through a tender offer, according to a company news release.

The company will redeem the remaining $25,975,000 principal amount of the notes at par on Jan. 31.

The tender offer and redemption are being funded with the proceeds of the company's C$300 million offering of 8¼% senior notes due 2017, which priced Nov. 30 and settled Dec. 13. Proceeds will also be used to repay debt under Paramount's credit facility and for capital expenditures and general corporate purposes.

Paramount is an oil and natural gas exploration, development and production company based in Calgary, Alta.

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