Post by
filefish on May 16, 2023 5:36pm
PCEP now owns 75% of PPR
The Former Noteholder, PCEP Canadian Holdco, LLC, acquired 514,408,902 Common Shares pursuant to the Subordinated Notes Settlement, and a further 26,516,207 Common Shares pursuant to the Warrant Exercise, for an aggregate holding of 540,925,109 Common Shares.
Question is - what will they do next with the Company?
Comment by
RHertig on May 17, 2023 9:45am
I actually like this transaction. I would have hoped the high price of oil would have helped but mandated hedges killed us. I think you will see expedited reactivations of closed in wells and the work over program. Then some Princess wells. With a 20 year RLI and our tax pools I would not be surprised to see a buyout or merger.
Comment by
kurt73 on May 17, 2023 8:12pm
Theres going to be 800 million shares roughly I think. Unless I am wrong. isnt this concerning? Is debt 100 % eliminated?
Comment by
filefish on May 17, 2023 3:22pm
Some background on Dallas, Tx based Prudential Capital Energy Fund, of which PCEP Canadian Holdco is a related company. https://www.pgim.com/press-release/prudential-capital-energy-partners-raises-343-million-first-energy-mezzanine-fund