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ARC Resources Ltd. Reports Second Quarter 2012 Montney Results

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On July 27th, ARC confirmed commitments and pricing for the issuance of US$360 million and CDN$40 million of long-term fixed rate notes through a private placement to secure additional credit capacity and capitalize on low long-term interest rates. The note issuance is expected to close prior to August 31st. The note proceeds will be used to pay down indebtedness under ARC's credit facility. At the end of the second quarter, ARC had $1.6 billion of total credit capacity with borrowings of $892 million and a working capital deficit of $104 million, leaving approximately $558 million of total available credit capacity. Net debt to annualized first half funds from operations ratio was 1.4 times and net debt was approximately 13 per cent of ARC's total capitalization at the end of the second…
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