Peyto Announces Expanded Credit Facility
CALGARY, ALBERTA -- (Marketwired) -- 04/26/13 -- Peyto Exploration
and Development Corp. ("Peyto" or "the Company") (TSX:PEY) is pleased
to announce that its syndicate of lenders, led by Bank of Montreal,
and including Union Bank Canada Branch, Royal Bank of Canada,
Canadian Imperial Bank of Commerce, Toronto-Dominion Bank,
Scotiabank, HSBC Bank Canada, Alberta Treasury Branch, and Canadian
Western Bank has expanded the Company's revolving credit facility
from $730 million to $1.0 billion. This expanded, unsecured, covenant
based credit facility has a two- year term and contains the same
financial covenants as the previous secured revolver. In addition,
the note purchase agreements for the $150 million of senior secured
notes that were issued pursuant to a private shelf agreement with
Prudential Investment Management Inc., has been amended to reflect
the removal of the security.
Subsequent to this facility expansion, Peyto's total borrowing
capacity increases to $1.15 billion, with $1.0 billion of unsecured,
covenant based revolving bank credit and $150 million of senior
unsecured long-term notes. Despite this increase in credit capacity,
Peyto plans to maintain a strong and flexible balance sheet which, in
combination with its high quality asset base and low cost advantage,
allows the Company to be opportunistic in this environment.
Shareholders and interested investors are encouraged to visit the
Peyto website at www.peyto.com to learn more about what makes Peyto
one of North America's most exciting energy companies. The monthly
President's Report contains information regarding Peyto's operations
including estimated current production and capital spending.
Certain information set forth in this document, including
management's assessment of Peyto's future plans and operations,
contains forward-looking statements. By their nature, forward-looking
statements are subject to numerous risks and uncertainties, some of
which are beyond these parties' control, including the impact of
general economic conditions, industry conditions, volatility of
commodity prices, currency fluctuations, imprecision of reserve
estimates, environmental risks, competition from other industry
participants, the lack of availability of qualified personnel or
management, stock market volatility and ability to access sufficient
capital from internal and external sources. Readers are cautioned
that the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may prove
to be imprecise and, as such, undue reliance should not be placed on
forward-looking statements. Peyto's actual results, performance or
achievement could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of them
do so, what benefits that Peyto will derive therefrom.
The Toronto Stock Exchange has neither approved nor disapproved the
information contained herein.
Peyto Exploration and Development Corp.
President and Chief Executive Officer
(403) 451-4100 (FAX)
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