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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.