Rex Energy suspends quarterly dividend payment on 6% convertibles

By Tali Rackner

Norfolk, Va., Jan. 21 – Rex Energy Corp. suspended payment of the quarterly dividend on shares of its 6% series A convertible perpetual preferred stock, according to a news release.

The company has 16,100 shares of the stock outstanding, represented by 1.61 million depositary shares, and will continue to evaluate the payment or suspension of the dividend on a quarterly basis.

The suspension creates an additional $2.4 million of liquidity per quarter and does not constitute an event of default under the company’s revolving credit facility or outstanding bond indentures, the release said.

State College, Pa.-based Rex is an independent oil and gas exploration and production company operating in the Appalachian and Illinois Basins.

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