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Pengrowth Energy seeks covenant relief

  • Pengrowth Energy (PGH -3%) is lower after reporting Q2 results and agreeing in principle on key elements of an amendment with noteholders to a framework that could result in relaxing existing covenant ratios for as long as two years.
  • PGH says the framework includes the elimination of ratios for debt to book capitalization and debt to EBITDA for the duration of the waiver period as well as amending the interest coverage covenant to reduce the EBITDA to interest ratio; PGH says it is working with the noteholders to prepare detailed formal agreements that are expected to become effective during Q3.
  • Among operational highlights, PGH achieved average daily production of more than 49K boe/day during Q2 and 51K boe/day during H1.

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Pengrowth Energy Corporation