Finance & Investing | Deals - Acquisition, Mergers, Divestitures | Capital Markets
Crescent Point Bought Deal Finances Legacy Acquisition
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Crescent Point Energy Corp. has closed its previously announced bought deal financing of common shares at $28.50 per share, raising gross proceeds of approximately $660 million, which includes the proceeds from a partial exercise of the underwriters' over-allotment option granted in association with the Financing.
Net proceeds from the Financing are expected to be used to reduce assumed debt and transaction costs in connection with the acquisition of Legacy Oil + Gas Inc. to approximately $334 million.
If the Legacy acquisition is not completed, the net proceeds of the Financing will be used to reduce Crescent Point's indebtedness, improving its strong financial position from 1.6 times net debt to funds flow from operations to approximately 1.3 times based on net debt levels reported at…
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