Magnum Hunter acquires Triad Energy

Magnum Hunter Resources Corporation (NYSE Amex: MHR) (NYSE Amex: MHR-PC) reported that the Company has closed on the previously announced acquisition of privately-held Triad Energy Corporation and affiliates, an Appalachian Basin focused energy company.

The press release is quoted as saying:

Magnum Hunter paid cash, issued restricted securities and refinanced Triad’s outstanding debt obligations in the aggregate of approximately $81 million. The $81 million total purchase price is broken out in components of (i) the repayment of $55 million of Triad senior debt via drawing under the Company’s existing $150 million revolving commercial bank line of credit ($70 million borrowing base) and assuming approximately $3 million of equipment indebtedness, (ii) issuance to Triad’s senior lenders of $15 million in Series B Redeemable Convertible Preferred Stock with a 2.75% fixed coupon payable quarterly and (iii) paying approximately $8 million in cash.

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