Rex Energy Swapping $631M in Private IOUs for Public IOUs

Rex EnergyRex Energy, a small Marcellus/Utica driller headquartered in State College, PA, is trying to keep its head above the financial waterline. It’s struggling, but making progress. In April Rex became the latest driller to convert outstanding debt in the form of notes (what we call IOUs) into equity, or stock ownership (see Rex Energy Converts IOUs into Common Stock, Avoids Bankruptcy?). But not all outstanding notes/IOUs got converted. Rex still has $631 million worth of IOUs hanging out there. Rex announced yesterday they are swapping out their $631 million worth of “private notes” for “exchange notes.” What does that mean?…

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