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.
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