Pacific E&P closes $500 mln DIP financing with Catalyst, note-holders
Pacific Exploration & Production Corp has closed a US$500 million debtor-in-possession (DIP) financing with Canadian private equity firm Catalyst Capital Group and certain holders of the company's unsecured notes. Additionally, Pacific Exploration entered into a US$115.5 million letter of credit facility with supporting bank lenders and creditors. The DIP financing and letter of credit facility are key features of a comprehensive restructuring deal struck by Pacific Exploration with debt-holders, including Catalyst, in April. Based in Toronto, Pacific Exploration is an explorer and producer of natural gas and crude oil in Latin America.
22 June 2016•7 mins read
