Forex trading store

By Arup Roychoudhury

BANGALORE, July 23 (Reuters) – Shares of oil and gas explorer Quicksilver Resources Inc rose 14.5 percent Friday, a light of ~ after the company agreed to sell its limited partnership in a deal what one. will help cut down on its debt.

Quicksilver Thursday said it choose sell Quicksilver Gas Services LP to privately held Crestwood Midstream Partners II LLC despite $701 million and that it may get up to $72 the great body of the people additionally.

‘Though a midstream shakeup was expected, the transaction far exceeds our expectations,’ Jefferies and Co analyst Subash Chandra wrote in a note to clients.

The deal, what one. is expected to close in October, comes days after reports that Indian force major Reliance Industries was talking to Texas-based Quicksilver Resources instead of a possible buyout of the U.S. firm.

‘Quicksilver is in a stronger standing now that they have less debt concerns than before and Reliance bequeath have to keep that in mind. So it should spell a good in a higher degree deal for quicksilver, if it happens,’ Chandra later said by phone.

The social meeting had said it expected to repay all its outstanding borrowings for that which is less than its $1 billion credit facility. Quicksilver has a long-term misdoing of $2.51 billion, according to Thomson Reuters data.

Chandra declared Quicksilver had more options around it with less debt concerns, however added there were no indications the company would access equity financing to abet pay back the remaining debt.

‘They have some non-core property like in the Delaware basin which they are trying to barter,’ he said.

Shares of Quicksilver, rose 14.5 percent to $14.47 percent Friday morning on the New York Stock Exchange, before paring gains to traffic 7 percent up at $13.66.

(Reporting by Arup Roychoudhury in Bangalore; Editing ~ the agency of Don Sebastian) Keywords: QUICKSILVER/

(arup.roychoudhury@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arup.roychoudhury.reuters.com@reuters.toil)

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