Penn West Energy Trust announces the pricing of a proposed private placement of Notes in the United Kingdom and confirms its Jul
16 Luglio 2008 - 10:53PM
PR Newswire (US)
CALGARY, July 16 /PRNewswire-FirstCall/ -- (TSX - PWT.UN; NYSE -
PWE) Penn West Energy Trust ("Penn West") announces it priced a
proposed offering of notes to be issued on a private placement
basis, primarily in the United Kingdom. The placement is expected
to consist of 6.95 percent notes due in 2018 with an aggregate
principal amount of approximately CDN$114 million, after the effect
of transacted cross-currency swaps. The notes will be unsecured and
rank equally with Penn West's bank facilities and outstanding
senior notes issued in May 2007 and May 2008. Subject to the
satisfaction of customary closing conditions, the offering is
expected to close on or about July 28, 2008. Penn West intends to
use the proceeds of the note offering to repay a portion of its
advances on its syndicated bank facilities. The notes have not been
and will not be registered under the United States Securities Act
of 1933, as amended (the "Securities Act"), and may not be offered
or sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities Act.
Penn West also confirms that its July 2008 cash distribution will
be CDN$0.34 per trust unit payable on August 15, 2008 to
unitholders of record on July 31, 2008. The ex-distribution date is
July 29, 2008. The CDN$0.34 per unit is equivalent to approximately
US$0.34 per unit (before deduction of any applicable Canadian
withholding tax), using a par U.S./Canadian exchange rate.
Registered unitholders with U.S. addresses will receive their
distributions directly from Penn West's transfer agent, and will be
paid in U.S. currency using the exchange rate in effect on the
record date. Non-registered U.S. unitholders will receive their
distributions through their brokers. Penn West trust units and
debentures are listed on the Toronto Stock Exchange under the
symbols PWT.UN, PWT.DB.A, PWT.DB.B, PWT.DB.C, PWT.DB.D, PWT.DB.E
and PWT.DB.F and Penn West trust units are listed on the New York
Stock Exchange under the symbol PWE. Advisory Regarding
Forward-looking statements: Certain statements contained in this
document constitute forward-looking statements or information
(collectively "forward-looking statements") within the meaning of
the "safe harbour" provisions of applicable securities legislation.
Forward-looking statements are typically identified by words such
as "anticipate", "continue", "estimate", "expect", "forecast",
"may", "will", "project", "could", "plan", "intend", "should",
"believe", "outlook", "potential", "target" and similar words
suggesting future events or future performance. In particular, this
document contains forward-looking statements pertaining to, without
limitation, the offering size, terms, use of proceeds and closing
date of the proposed debt offering. With respect to forward-looking
statements contained in this document, we have made assumptions
regarding, among other things: investor demand for Penn West's
notes; the successful completion of due diligence; the timing of
closing the proposed debt offering; and our ability to obtain all
necessary approvals. Although Penn West believes that the
expectations reflected in the forward-looking statements contained
in this document, and the assumptions on which such forward-looking
statements are made, are reasonable, there can be no assurance that
such expectations will prove to be correct. Readers are cautioned
not to place undue reliance on forward-looking statements included
in this document, as there can be no assurance that the plans,
intentions or expectations upon which the forward-looking
statements are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties that contribute to the possibility that the
predictions, forecasts, projections and other forward-looking
statements will not occur, which may cause Penn West's actual
performance and financial results in future periods to differ
materially from any estimates or projections of future performance
or results expressed or implied by such forward-looking statements.
These risks and uncertainties include, among other things, general
economic conditions in Canada, the U.S. and globally, and the
possibility that due diligence may not be completed satisfactorily
or that the closing conditions for the offering are not satisfied
or that closing will be delayed or not occur at all. Readers are
cautioned that this list of risk factors should not be construed as
exhaustive. The forward-looking statements contained in this
document speak only as of the date of this document. Except as
expressly required by applicable securities laws, Penn West does
not undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements
contained in this document are expressly qualified by this
cautionary statement. DATASOURCE: Penn West Energy Trust CONTACT:
PENN WEST ENERGY TRUST, Suite 200, 207 - 9th Avenue S.W., Calgary,
Alberta, T2P 1K3, Phone: (403) 777-2500, Fax: (403) 777-2699, Toll
Free: 1-866-693-2707, Website: http://www.pennwest.com/; Investor
Relations: Toll Free: 1-888-770-2633, E-mail: ; William Andrew,
CEO, Phone: (403) 777-2502, E-mail: ; Jason Fleury, Manager,
Investor Relations, Phone: (403) 539-6343, E-mail:
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