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Article: Cabot Oil & Gas Corporation Completes Financing (Company Repays Debt)
- Article from:
- PR Newswire
- Article date:
- November 20, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON, Nov. 20 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) announced today that it completed the previously announced 7.19%, 12-Year, $100 million private debt placement on November 18, 1997. The proceeds were used to reduce borrowings on the Company's revolving line of credit. Also, this week, Cabot Oil & Gas removed from escrow, the remaining proceeds from its Northwest Pennsylvania asset sale using these funds to reduce the Company's total debt outstanding. Today, Cabot Oil & Gas Corporation's debt is $198 million, down from $268 million on December 31, 1994.
Charles P. Siess, Jr., Chairman and Chief Executive Officer stated, "Our ability ...