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Rex Energy completes exchange offer, consent solicitation for senior notes

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Rex Energy completes exchange offer, consent solicitation for senior notes

on March 31announced the completion of its exchangeoffer for certain of its senior notes and the consent solicitationrelated to the offer.

Rex Energyhad offered to exchange its outstanding 8.875% senior notes due 2020 and 6.250%senior notes due 2022 held by eligible holders for up to $675 million aggregateprincipal amount of its new senior secured second lien notes and 10,125,000shares of its common stock.

Followingthe expiration of the exchange offer and consent solicitation at 9 a.m. ETMarch 30, Rex Energy exchanged about $324.0 million aggregate principal amount,or about 92.57%, of the 2020 notes and $309.1 million aggregate principalamount, or about 95.12%, of the 2022 notes for newly issued $633.7 millionaggregate principal amount of second lien notes and 8,412,615 shares.

Rex Energypaid in cash accrued and unpaid interest on the senior notes from the applicablelast interest payment date to, but not including, March 31. The second liennotes will carry interest at 1.0% per annum for the first three semiannualinterest payments after issuance and 8.0% per annum payable in cash thereafter,according to the release.

Also, asnecessary consents have been received for the indenture amendments, any seniornotes not validly tendered under the exchange offer will remain outstanding andits holders will thus be subject to the terms of the supplemental indentureimplementing the indenture amendments.

"Almost94% of our bondholders participated in the exchange, providing Rex Energy withflexibility and additional liquidity to execute our strategic and operatingplans for 2016 and 2017. This is another positive step forward in our effortsto align our capital structure and liquidity requirements, and we arecontinuing to pursue initiatives that position us to withstand the sustainedlow commodity price environment," said Tom Stabley, CEO of Rex Energy.

RBC CapitalMarkets acted as lead dealer manager and solicitation agent for the offer.