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Triangle Petroleum repurchases $20.5 million of debt during fiscal 2015
By Lisa Kerner
Charlotte, N.C., April 14 – Triangle Petroleum Corp. reported its fourth-quarter and full-year fiscal 2015 results on Tuesday.
During the year ended Jan. 31, the Denver-based energy company repurchased and retired $20.5 million face value of Triangle USA Petroleum Corp.’s outstanding 6¾% bonds for roughly $13.9 million.
The company also repurchased 6.5 million shares of common stock at an average price of $4.94 per share in the fourth quarter, bringing cumulative repurchases during fiscal year 2015 to about 11.4 million shares at an average price of $6.72 per share. As of Jan. 31, there were about 75.2 million shares outstanding, according to the earnings release.
Triangle Petroleum ended the year on Jan. 31 with total liquidity of about $429 million, including roughly $68 million of cash on hand and available borrowing capacity on Triangle USA and RockPile Energy Services credit facilities.
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