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Arsenal Energy Inc. Redeems Debentures
posted on
Feb 17, 2009 06:57AM
February 17, 2009
Arsenal Energy Inc. Redeems Debentures
CALGARY, ALBERTA--(Marketwire - Feb. 17, 2009) - Arsenal Energy Inc. ("Arsenal") (TSX:AEI) (FRANKFURT:A1E) has redeemed its 8% unsecured convertible debentures due February 15, 2009. Total cost including principal and accrued interest was $3.5 million. After redemption, Arsenal's $55 million line of credit will be drawn to approximately $45 million. During Q4 2008 and early 2009 Arsenal monetized some of its commodity hedges for net proceeds of approximately $10 million. Arsenal's remaining hedge book has a current mark to market value of approximately $8 million.
