PostRock Energy Corp. - 2010-09-10


Received $60 million of equity from private equity firm White Deer Energy LP, who will purchase the company's 12% cumulative redeemable preferred stock, which has a 7 1/2-year term and is callable after one year at par plus 10%. White Deer will receive 7 1/2-year warrants to purchase $60 million of common stock, at a price of $3.15 per share. PostRock's debt will consist of $200 million drawn against $225 million currently available under its revolving credit facility; a $15 million amortizing term loan secured by the KPC Pipeline; and a $43.5 million loan secured solely by certain Appalachian assets and nonrecourse to PostRock.

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