trending Market Intelligence /marketintelligence/en/news-insights/trending/ZpC9GXsu1pwwfo4e2IcOVA2 content esgSubNav
In This List

MEG Energy to launch $800M senior note offering

Blog

Despite turmoil, project finance remains keen on offshore wind

Case Study

An Energy Company Assesses Datacenter Demand for Renewable Energy

Blog

Japan M&A By the Numbers: Q4 2023

Video

See the Big Picture: Energy Transition in 2024


MEG Energy to launch $800M senior note offering

Canada's MEG Energy Corp. plans to start a private offering of $800 million of senior unsecured notes due 2027, according to a Jan. 16 news release.

The company intends to use the net proceeds, along with cash, to fully redeem $800 million of 6.375% senior unsecured notes due January 2023 and to pay fees and expenses related to the offering.

MEG also issued a conditional notice to fully redeem the 2023 notes and a notice to redeem $100 million of its 6.50% senior secured second lien notes due 2025, at redemption prices of 101.063% and 104.875%, respectively, plus unpaid interest up to but excluding the redemption date of Feb. 18. Redemption of the 2023 notes is conditioned on the completion of the private offering. Inclusive of the redemption of the second lien notes, the company will have redeemed $254 million of the notes' original $750 million balance, the release said.

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