Gibson Energy Inc. completed a C$500 million offering of its series 1 senior unsecured medium-term notes due 2029.
The notes will have a fixed coupon rate of 3.60% per year, payable semi-annually, with a maturity date of Sept. 17, 2029, according to a Sept. 17 news release.
Gibson would use the proceeds to redeem the company's outstanding C$300 million of 5.375% senior unsecured notes due July 15, 2022, to pay down debt under its revolving credit facility and for other general corporate purposes.
The Calgary, Alberta-based oil infrastructure company would redeem the 2022 notes at a redemption price of C$1,027.18 for every C$1,000 of notes, which includes accrued and unpaid interest. The redemption date for the notes is scheduled for Oct. 17.
The series 1 notes were offered through investment dealers co-led by CIBC Capital Markets and RBC Capital Markets.
