Pengrowth Energy to redeem 6.5% convertible subordinated debentures

By Devika Patel

Knoxville, Tenn., Dec. 16 - Pengrowth Energy Trust announced it will redeem its 6.5% convertible unsecured subordinated debentures due Dec. 31, 2010 on Jan. 15.

The company will pay a cash redemption price of C$1,025 per C$1,000 in notes, for a total cost of C$76.61 million, plus interest to the redemption date. Debenture holders of record on Dec. 22 will remain entitled to receive the interest payment due on Dec. 31.

Pengrowth will use incremental borrowings at preferred interest rates under its revolving credit facility to fund the redemption.

Pengrowth is a Calgary, Alta., energy royalty trust.

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