October 5, 2017 / 10:14 AM / 2 months ago

BRIEF-US Energy says will exchange $4.5 mln of $6.0 mln of outstanding borrowings on credit facility for 5.8 mln shares of common stock​

Oct 5 (Reuters) - US Energy Corp:

* US Energy Corp - ‍U.S. Energy will exchange $4.5 million of $6.0 million of outstanding borrowings on its credit facility for 5,819,270 shares of common stock​

* US Energy Corp - company also entered into a standstill agreement with APEG which will be in effect for one year from closing of transaction

* Us energy corp - ‍U.S. Energy will make a cash paydown of its credit facility of $0.6 million​

* US Energy Corp - ‍following close of transaction, apeg will hold approximately 49.9% of outstanding common stock of U.S. energy​

* US Energy Corp - ‍deal represents an 84% reduction in annual interest payments​

* US Energy Corp - announced agreement to substantially reduce company’s outstanding debt through an exchange transaction with Apeg Energy II Source text for Eikon: Further company coverage:

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