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Gibson Energy to sell C$500M of senior medium-term notes

Oil midstream company Gibson Energy Inc. will issue C$500 million of senior unsecured medium-term notes, which will mature in 10 years, according to a Sept. 12 release.

The notes in the offering will bear a fixed coupon rate of 3.60% per year, payable semiannually.

Gibson plans to use the proceeds from the offering to redeem its outstanding C$300 million of 5.375% senior notes due July 15, 2022, as well as reduce debt under its revolver and for general corporate purposes.

The offering is expected to close Sept. 17, subject to customary closing conditions.