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BRIEF-EIG submits proposal to buy Pacific Exploration & Production Corp

Published 2016-05-09, 12:48 p/m
© Reuters.  BRIEF-EIG submits proposal to buy Pacific Exploration & Production Corp

May 9 (Reuters) - EIG Global Energy Partners:
* EIG submits binding proposal to acquire Pacific
Exploration & Production Corporation
* Deal includes additional $75 million capital infusion and
$400 million "cash out" offer
* Recovery value of at least 15.4¢ per dollar, a 67.1%
premium to Catalyst proposal
* Proposed $250 million DIP financing would convert into
less equity of reorganized company than in Catalyst proposal
* Says proposal also provides $80 million in additional
market notes to creditors

Source text for Eikon:
Further company coverage: PRE.TO

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