Rex Energy Offers to Refinance Outstanding IOUs

As MDN reported last week, Rex Energy is doing everything it can to stay alive during this severe downturn in natural gas prices (see Stayin’ Alive: Rex Energy $175M JV to Keep Drilling in PA & OH). Last week Rex announced a joint venture cash infusion of $175 million to keep drilling in both PA and OH. On Friday the company announced another strategy to help it keep going: refinancing notes (we call them IOUs) so the notes expire later, meaning they don’t have to cough up cash sooner to pay off the debt. It pushes repayment out further, after (presumably) the market has turned and Rex is once again making a profit. Here was Rex’s Friday announcement about “exchanging notes”…

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