Sigh of Relief for Rex Energy: Noteholders Agree to 2nd Lien Deal

As we previously reported, Rex Energy, a small Marcellus/Utica driller headquartered in State College, PA, had offered to refinance its notes (i.e. IOUs) so the notes expire later, meaning they don’t have to cough up cash sooner to pay off the debt (see Rex Energy Offers to Refinance Outstanding IOUs). With few takers for a second lien, Rex then offered to sweeten the deal (see Rex Energy Extends & Sweetens Offer to Refi Outstanding IOUs). Rex finally closed out the offer last week. They had hoped to refi up to $675 million worth of outstanding notes. In the end, they got 94% of the noteholders to spring for the deal (sigh of relief at Rex)…

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