CALGARY, April 14 /CNW/ - Crescent Point Energy Corp. ("Crescent Point" or the "Company") is pleased to announce that it has closed a private placement of long-term debt in the form of senior guaranteed notes to a group of institutional investors. The notes issued pursuant to the private placement are unsecured and rank equally with Crescent Point's obligations under its bank facilities. In total, US$165 million and CDN$50 million was raised through four separate series of notes under various terms and rates as described in the table below.

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    Amount             Term                                Coupon Rate
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    US$52 million      5-year term repayable in 2016          3.93%
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    US$31 million      7-year term repayable in 2018          4.58%
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    US$82 million      10-year term repayable in 2021         5.13%
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    CDN$50 million     10-year term repayable in 2021         5.528%
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    >>

Proceeds from the offering were used to repay a portion of the Company's outstanding bank debt.

http://www.theglobeandmail.com/globe-investor/news-sources/?date=20110414&archive=cnw&slug=C4155

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We have been listening to Connacher's management state for the last couple of years that it is their intention to refinance Connacher's debt. Connacher is currently paying a ridiculously high interest rate of 11.5% semiannually on it's US $200 million dollar Senior First Lien Secured Notes which mature July 15, 2014; and it is currently paying a 10.5% interest rate semiannually on it's US $ 587 million dollar Senior Second Lien Secured Notes which mature December 15, 2015.

Why is it that Crescent Point has been able to significantly lower the interest rate on it's debt by refinancing part of it now, while Connacher continues to achieve nothing in terms of refinancing it's debt? Especially with it becoming known in the financial community that when the Bank of Canada next meets that it will start raising interest rates? I also heard that the Fed in the US will also start raising interest rates soon as well the next time that it meets. It appears that Connacher's management is about to let time pass them by again, which has been the continuing saga of this management team. As long term shareholder's know, the high interest on the debt is what is killing Connacher's cash flow and slowly strangling the company to death. When will management take action? This must be a major topic at the General Meeting and shareholders should demand action.

Cheers; Scott