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CALGARY, AB, Dec. 15, 2020 /CNW/ - (TSX: PMT) –
Perpetual Energy Inc. ( Perpetual or the Company ) announced today that, in furtherance of its strategic priority of improving the Company s balance sheet and liquidity, it proposes to exchange its outstanding 8.75% senior unsecured notes due January 23, 2022 (the Notes ) for new 8.75% secured third-lien notes due January 23, 2025 (the New Notes ) pursuant to a Court-approved plan of arrangement (the Note Exchange Arrangement ).
The New Notes will be issued under a new trust indenture that will contain substantially the same terms as the Notes other than the New Notes will be secured on a third-lien basis subordinate to the Company s senior indebtedness and allow for semi-annual interest payments to be paid either in cash, in additional New Notes (a PIK Interest Payment ), or a combination thereof, at the Company s election.