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Rex Energy reaches exchange deal to cut debt by $43.5M

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Rex Energy reaches exchange deal to cut debt by $43.5M

struck a dealwith a fund managed by an undisclosed holder to exchange $43.5 million ofsenior secured second lien notes for 16.8 million shares of common stock.

Upon the scheduledclosing of the exchange on July 25, the 1.00%/8.00% senior secured second liennotes due 2020 will be canceled. The exchange lowers Rex Energy's total debtand saves about $11.1 million in interest expenses, according to a July 25 newsrelease.

Rex Energyhas thus far executed several transactions that have resulted in overall debtreduction of about $84.0 million and interest savings of more than $22 million.