PENGROWTH ANNOUNCES FINALIZATION OF AGREEMENTS TO AMEND FINANCIAL COVENANTS

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Oct 12 (Reuters) – Pengrowth Energy Corp:

* PENGROWTH ANNOUNCES SIGNIFICANT DEBT REPAYMENT AND FINALIZATION OF AGREEMENTS WITH BANK SYNDICATE AND NOTEHOLDERS TO AMEND FINANCIAL COVENANTS

* FINALIZED ‍AGREEMENTS AMEND EXISTING FINANCIAL COVENANTS EFFECTIVE FOR QUARTER ENDING SEPT 30 THROUGH TO & INCLUDING QUARTER ENDING SEPT 30, 2019​

* TERMS OF AMENDING DEALS IS EXPECTED TO PROVIDE CO WITH “FINANCIAL FLEXIBILITY&RUNWAY TO RESTRUCTURE REMAINING DEBT WITH COVENANT LIGHT DEBT”​

* ‍HAS PREPAID ALL OF ITS OUTSTANDING TERM NOTES DUE IN 2018​

* ‍CREDIT LIMIT UNDER CREDIT FACILITY TO BE REDUCED TO CDN $330 MILLION AFTER COMPLETION OF DISPOSITION OF CO‘S REMAINING SWAN HILLS ASSETS​

* FINALIZED AGREEMENTS REDUCE CREDIT LIMIT UNDER CREDIT FACILITY TO C$400 MILLION​ Source text for Eikon: Further company coverage: