trending Market Intelligence /marketintelligence/en/news-insights/trending/JlDHS2O__ViYt7VmbS8RWA2 content esgSubNav
In This List

MEG Energy upsizes, prices senior notes offering


US utility commissioners: Who they are and how they impact regulation


Q&A: Datacenters: Energy Hogs or Sustainability Helpers?


Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings


Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

MEG Energy upsizes, prices senior notes offering

MEG Energy Corp. priced and upsized a previously announced offering of senior notes to $1.2 billion from $800 million.

The senior unsecured notes due 2027 bear an interest rate of 7.125% per year, according to a Jan. 16 release.

The company plans to use the proceeds, along with cash, to refinance its $800 million of 6.375% senior unsecured notes due January 2023 through a previously disclosed conditional redemption and to redeem $400 million of its $1 billion of 7.00% senior unsecured notes due March 2024.

The company issued a conditional notice to redeem the 7.00% senior notes due March 2024 at a redemption price of 102.333%, plus accrued and unpaid interest up to but excluding the redemption date of Feb. 18. The redemption is conditioned on the completion of the offering.

The offering is expected to close Jan. 31, subject to customary closing conditions.

MEG Energy is engaged in oil sands production in the southern Athabasca region of Alberta.