Pengrowth Energy Corporation (TSX:PGF) (NYSE:PGH) is pleased to report that it has completed its previously announced prepayment of the remaining outstanding US $100 million (equivalent Cdn $134 million) of 6.35% senior term notes scheduled to mature on July 26, 2017. The prepayment was completed on June 2nd and leaves the Company with no outstanding debt due until August 2018.
Pengrowth continues with it focused efforts to further reduce its outstanding debt and expects an additional Cdn $365 million of cash proceeds (before closing adjustments) from the previously announced Swan Hills asset sales, which are expected to close in the coming days.
Derek Evans, President and Chief Executive Officer of Pengrowth commented, "We are delighted by the progress that we have made reducing our debt and strengthening our balance sheet. With this payment we have reduced our debt by approximately Cdn $670 million from December 31, 2016. The expected Cdn $365 million of proceeds from the Swan Hills sales should allow Pengrowth to reduce its debt by approximately 60 percent from December 31, 2016."
Pengrowth Energy Corporation is a Canadian intermediate energy company focused on the sustainable development and production of oil and natural gas in Western Canada. The Company is headquartered in Calgary, Alberta, Canada and has been operating in the Western basin for over 28 years. The Company's shares trade on both the Toronto Stock Exchange under the symbol "PGF" and on the New York Stock Exchange under the symbol "PGH".
For further information about Pengrowth, please visit our website www.pengrowth.com.
SOURCE: Pengrowth Energy Corporation
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