Finance & Investing | Capital Markets
Energy Corporation of America Raises $150M Marcellus Fund
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Energy Corporation of America (ECA), a leading exploration and production company and Marcellus Developer, announced today that its wholly owned subsidiary entered into a financing agreement with CPPIB Credit Investments Inc. ("CII"), a wholly-owned subsidiary of CPP Investment Board, pursuant to which ECA and CII closed the first tranche of a $150 million private placement of senior secured notes with an overriding royalty. Through the SPV, ECA Marcellus Production LLC, ECA will continue development of its expansive Marcellus acreage position.
"We are excited to have completed a creative financing vehicle with CII to further the development of ECA's class-leading Marcellus acreage. I believe this type of transaction will add further value to ECA and also to other companies focused on the…
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