Seven Generations Energy Ltd. closed a private placement of US $300 million, in aggregate principal amount, of 8.250% senior notes due 2020, the company said Feb. 5.
The notes, issued under supplemental indenture and priced at 107% of par, yielded US $321 million in gross proceeds, the company added.
Net proceeds will partly fund Seven Generations’ 2014 capex plan, the company said.
Before this offering, there was US $400 million, in aggregate principal amount, of initial senior notes for the same percentage, outstanding. These were issued May 10, 2013, the company said.
As part of this offering, the company solicited shareholders’ consent to waive the debt incurrence test in the base indenture, the company added. The solicitation, which expired Jan. 31, allowed this offering, providing that the total amount of additional notes issued could not exceed US $300 million, the company said.
Seven Generations Energy Ltd. is a private oil and gas developer based in Calgary, working in the Alberta Deep Basin’s Kakwa River project.
Recommended Reading
CNX, Appalachia Peers Defer Completions as NatGas Prices Languish
2024-04-25 - Henry Hub blues: CNX Resources and other Appalachia producers are slashing production and deferring well completions as natural gas spot prices hover near record lows.
Chevron’s Tengiz Oil Field Operations Start Up in Kazakhstan
2024-04-25 - The final phase of Chevron’s project will produce about 260,000 bbl/d.
Rhino Taps Halliburton for Namibia Well Work
2024-04-24 - Halliburton’s deepwater integrated multi-well construction contract for a block in the Orange Basin starts later this year.
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.