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BRIEF-Penn West offers to prepay $448 mln of senior notes at par

Oct 3 Penn West Petroleum Ltd :

* Penn west offers to prepay $448 million of senior notes at par

* Total principal amount of senior notes currently outstanding is approximately $576 million prior to prepayment offer

* Total principal amount of senior notes currently outstanding is approximately $576 million prior to prepayment offer

* Expect pro-forma senior debt at end of Q3 to be reduced to approximately $470 million from $2.0 billion at year-end 2015

* Expect to remain in full compliance with all of financial covenants going forward into 2017

* Expect to complete prepayment process prior to releasing our Q3 financial and operating results in early November

* If prepayment offer is not fully accepted by noteholders, intend to use unallocated cash to reduce debt under revolving bank credit facility Source text for Eikon: Further company coverage:

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