Ovintiv Inc. has priced an offering of a wide berth of senior notes, including $600 million due 2025, $700 million due 2028, $600 million due 2033, and $400 million due 2053, according to a May 16 release. The principal amount ranges from 5.650% to 7.100% based on the pricing. (Source: Shutterstock.com)
Ovintiv Inc. has priced an offering of a wide berth of senior notes, including $600 million due 2025, $700 million due 2028, $600 million due 2033, and $400 million due 2053, according to a May 16 release. The principal amount ranges from 5.650% to 7.100% based on the pricing.
Ovintiv plans to use the net proceeds from these notes to help pay for its acquisition of EnCap Investments LP’s portfolio companies — Black Swan Oil and Gas, PetroLegacy Energy and Piedra Resources — in a $4.2 billion deal announced in April.
The total price for the notes ranges based on the specific tier; the price is 99.994% of the principal amount for the 2025 notes, 99.973% for the 2028 notes, 99.793% for the 2033 notes, and 99.796% for the notes due 2053. The offering is expected to close at the end of the month, on May 31.
Ovintiv is based in Denver.
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