Paramount Resources to redeem C$370 million 8¼% notes at 102.75 June 15

By Susanna Moon

Chicago, May 15 – Paramount Resources Ltd. said it will issue a call on Friday for its C$370 million of 8¼% senior notes due 2017 using proceeds of a new notes issue.

The notes will be redeemed at 102.75 plus accrued interest to the redemption date of June 15, according to a company press release.

Paramount plans to offer up to $400 million principal amount of eight-year senior notes, and the redemption is conditioned on the company issuing at least $350 million of notes.

Proceeds also will be used for capital expenditures and for general corporate purposes, including the temporary repayment of debt under the company’s secured revolving credit facility.

Paramount is a Calgary, Alta.-based oil and natural gas exploration, development and production company.

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