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| Home : Trident Announces Recapitalization |
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Jul 06
2016 |
Trident Announces Recapitalization |
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CALGARY, ALBERTA--(Marketwired - July 5, 2016) - Trident Exploration Corp. ("Trident" or the "Company") has entered into a support agreement (the "Support Agreement") with the holders (the "Consenting Noteholders") of approximately 77% of its $175.0 million 8.25% senior unsecured notes due April 13, 2018 (the "Unsecured Notes") and the holders of rights with respect to the Company's $22 million aggregate principal amount of its limited recourse debenture dated as of December 10, 2014 (the "Debenture"), to effect a recapitalization and financing transaction (the "Recapitalization"). The Company has also entered into a backstop commitment agreement (the "Backstop Commitment Agreement") with a holder of the Unsecured Notes (the "Backstop Party"), pursuant to which the Backstop Party will provide a $20 million commitment to backstop the equity raise described below to be conducted in connection with the Recapitalization. Further, the Company has entered into an amendment of its revolving credit facility (the "Revolving Credit Facility") conditional on completion of the Recapitalization (the "Amending Agreement"). |
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| Source:http://www.marketwired.com/mw/release.do?id=2139953&sourceType=3 |
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