Belden & Blake in talks with bank group to fund 8¾% notes redemption

By Jennifer Chiou

New York, May 11 - Belden & Blake Corp. is working with its bank group to refinance its credit agreement in connection with the company's upcoming redemption of its $139,475,000 of 8¾% senior secured notes due 2012, according to a 10-Q filing with the Securities and Exchange Commission.

The par redemption is slated for May 24 and is anticipated to result in a $1.3 million gain on the early extinguishment of debt.

Belden & Blake said that it has commitments from the bank group to provide the necessary funding, subject to a number of conditions that it expects to meet.

The Houston-based independent energy company engaged in the exploitation, development, production, operation and acquisition of oil and natural gas properties noted, however, that it cannot assure that it will complete the refinancing.

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