Canada?s Argent lines up offering to pay down Eagle Ford debt

Argent Energy Trust plans to sell $75 million in debt to expand the company's interest in the Eagle Ford Shale.

Calgary, Canada-based Argent Energy Trust will offer $75 million in trust units to pay off debt from new acquisitions inside South Texas? Eagle Ford Shale.

Scotiabank, CIBC and RBC Capital Markets will lead the group underwriting the 7.43 million-unit offering. Argent will offer the units at a price of $10.20 (Canadian) each.

Argent will use to the proceeds to pay off debt it expects to incur buying oil-producing properties and deep-drilling rights in the Eagle Ford Shale, officials say. The trust will spend $45 million on the properties and another $30 million on the rights.

After the closing of the acquisitions and the offering, Argent will be approximately $6 million drawn on its $115 million credit facility, officials say.

Sanford Nowlin covers energy/utilities, transportation/aviation and manufacturing.

Source: http://feedproxy.google.com/~r/vertical_30/~3/jTX49MdfQzA/canadas-argent-lines-up-offering-to.html

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