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In this list

MEG Energy bonds price tight to talk, at par to yield 6.375%; terms

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MEG Energy bonds price tight to talk, at par to yield 6.375%; terms

Oil-sands concern MEG Energy this afternoon returned to market after 16 months with an offering of senior notes via joint bookrunners Barclays, BMO Capital Markets, and Credit Suisse, according to sources. Terms on the BB/B1 transaction were inked at the tight end of guidance, and oversubscription allowed for a $100 million upsizing, at $800 million. Proceeds are for general corporate purposes, including funding capital investments. The 144A-for-life bond issue follows a maturity extension exercise on MEG’s revolver in March, which boosted the size to $1 billion, from $500 million, and extended the maturity by one year, to 2017. Terms:

Issuer MEG Energy
Ratings BB/B1
Amount $800 million
Issue senior notes (144A for life)
Coupon 6.375%
Price 100
Yield 6.375%
Spread T+491
FRN eq. L+477
Maturity Jan. 30, 2023
Call nc5
Trade July 16, 2012
Settle July 19, 2012 (t+3)
Books Barc/BMO/CS
Co’s. RBC, CIBC, HSBC, MS
Px talk 6.5% area
Notes upsized by $100 million