Oil sands company MEG plans %500M senior notes offering

MEG Energy Corp. planning to commence, subject to market and other conditions, a private offering of US$500 million in aggregate principal amount of senior unsecured notes due in 2021. MEG intends to use the net proceeds from the proposed note offering for general corporate purposes, which may include capital expenditures and repayment of existing indebtedness.

MEG intends to refinance its existing term loan B and term loan D senior secured credit facilities and expand its senior secured revolving credit facilities from US$200 million to US$500 million, via an amendment of its existing credit agreement.

The transaction is expected to be completed concurrently with the senior notes offering.

MEG, a $9.7 billion equity market cap company, is focused on oil sands development and production in the southern Athabasca region of Alberta, Canada. MEG is actively developing enhanced oil recovery projects that utilize SAGD extraction methods. 

Source:  MEG Energy Corp.



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