Finance & Investing | Debt | Capital Markets | Private Equity Activity
Canbriam Energy Issues $101MM Debt to Fund Montney Drilling
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- Private offering of US$101 million in aggregate principal amount of 9.75% senior unsecured notes due 2019.
- Use the net proceeds of the offering for general corporate purposes, including its ongoing drilling and completions program and expansion of its gas processing facilities.
Canbriam Energy Inc. has announced that it has closed an add-on private offering of US$101 million in aggregate principal amount of 9.75% senior unsecured notes due 2019.
The Notes were offered and sold in the United States to qualified institutional buyers in accordance with Rule 144A under the United States Securities Act of 1933, as amended. The Notes were issued pursuant to an indenture dated as of November 14, 2014 and sold at 103% of their principal amount with net proceeds of the offering being approximately US$101 million.
Paul Myers, Canbriam President & Chief Executive Officer said: "Our ability to deliver on our growth plans allowed us to complete this add-on to our original Notes offering. This transaction gives us additional financial flexibility as we continue with the development of our Altares Montney asset."
Canbriam intends to use the net proceeds of the offering for general corporate purposes, including its ongoing drilling and completions program and expansion of its gas processing facilities.
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