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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (21070)	8/9/2016 12:55:02 PM
From: Goose94	Read Replies (1) \| Respond to of 202367

Bellatrix Exploration (BXE-T) Aug 9, '16 is pleased to announce that it has today closed the previously announced sale of a 35% interest in the Bellatrix O'Chiese Nees-Ohpawganu'ck deep-cut gas plant at Alder Flats (the "Alder Flats Plant") to Keyera Partnership ("Keyera"), for total cash consideration of $112.5 million (the "Alder Flats Plant Sale"). As announced earlier today, Bellatrix, through a syndicate of underwriters (the "Underwriters"), also closed the issuance and sale of $50 million aggregate principal amount of extendible unsecured subordinated convertible debentures (the "Debentures") and 25,000,000 subscription receipts (the "Subscription Receipts") at a price of $1.20 per Subscription Receipts for gross proceeds from the sale of such Debentures and Subscription Receipts of $80 million (the "Offering"). As a result of the closing of the Alder Flats Plant Sale, the maturity date of the Debentures has automatically been extended to September 30, 2021 and common shares of the Company have been issued on the automatic conversion of the Subscription Receipts. The net proceeds from the Offering of approximately $76.0 million and the proceeds from the Alder Flats Plant Sale will be used to reduce the indebtedness under the Company's Credit Facilities (as defined herein). Subsequent to the end of the second quarter, Bellatrix completed its semi-annual borrowing base redetermination and the renewal of its syndicated credit facilities (the "Credit Facilities"). Effective July 15, 2016, total commitments under the Company's Credit Facilities were set at $365 million, comprised of a $210 million revolving facility (the "Revolving Facility") with an extendible maturity date currently set at July 1, 2017, and a $155 non-revolving facility (the "Term Facility") with a maturity date set at November 11, 2016. Following closing of the Alder Flats Plant Sale and the Offering and the application of the net proceeds therefrom, Bellatrix expects the Revolving Facility will be reduced to $160 million and the amount outstanding under the Term Facility will be reduced to approximately $13 million. The Company anticipates being able to fully repay all amounts owing under the Term Facility prior to the November 11, 2016 maturity date by utilizing cash received from its operations and the proceeds, if any, from the full or partial exercise of the over-allotment option granted in connection with the Offering. Alternatively, Bellatrix may undertake other transactions that would reduce outstanding indebtedness and repay the Term Facility in full prior to its maturity date. Bellatrix is also in active discussions with existing and new potential syndicate members about establishing a new long-term revolving credit facility prior to the next semi-annual redetermination and the maturity date of the Term Facility. For additional details relating to the Offering, please see the press release issued by the Company earlier today. Bellatrix Exploration Ltd. is a Western Canadian based growth oriented oil and gas company engaged in the exploration for, and the acquisition, development and production of oil and natural gas reserves in the provinces of Alberta, British Columbia and Saskatchewan. Common shares of Bellatrix trade on the Toronto Stock Exchange and on the New York Stock Exchange under the symbol BXE. bellatrixexploration.com