Pacific Exploration confirms extension agreements with significant group of noteholders and its lenders
On February 19, 2016, Pacific Exploration & Production Corp. (Pacific) announced that it has entered into forbearance agreements with its bank lenders, in connection with its previously announced negotiations to extend its covenant relief.
The lender forbearance agreements are in respect of the following agreements: (i) US$1 billion revolving credit and guaranty agreement with a syndicate of lenders and Bank of America, N.A,, as administrative agent; (ii) US$250 million credit and guaranty agreement with HSBC Bank USA, N.A., as agent; (iii) US$109 million credit and guaranty agreement with Bank of America, N.A., as lender; and (iv) US$75 million master credit agreement with Banco Latino Americano de Comercio Exterior, S.A., as lender.
Under the terms of the lender forbearance agreements, the requisite lenders agreed, subject to certain terms and conditions, to forbear from declaring the principal amounts of such credit agreements due and payable as a result of certain specified defaults until March 31, 2016.
Pacific is a Canadian public company and a leading explorer and producer of natural gas and crude oil, with operations focused in Latin America.
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.
Further information can be found on PR Newswire's website.