Trident again extends consent solicitation for 8¼% notes due 2018

By Toni Weeks

San Luis Obispo, Calif., May 16 - Trident Exploration Corp. again extended the expiration of the consent solicitation for its 8¼% senior unsecured notes due 2018. The solicitation began April 17.

The company is seeking consents to proposed waivers and amendments to the April 13, 2011 indenture covering the notes. On May 2, the company extended the expiration date to 7 p.m. ET on May 16 and has extended it again, this time to 7 p.m. ET on May 27.

In addition, the company is increasing the consent fee to C$5.00 from C$3.00 per $1,000 principal amount of notes. Consents may not be withdrawn once received by the tabulation agent, Valiant Trust Co.

According to a press release, Trident will use at least C$60 million of proceeds from the transaction to which the consent solicitation relates to repay debt owed to its second-lien secured lenders, including prepayment fees and make-whole payments.

CIBC World Markets Inc. is the solicitation agent.

The private natural gas production company is located in Calgary, Alta.

© 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.