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SURGE ENERGY INC. ANNOUNCES CLOSING OF $175 MILLION SENIOR UNSECURED NOTE OFFERING; REPAYMENT OF SECOND LIEN CREDIT FACILITY; INCREASE TO FIRST LIEN REVOLVING CREDIT FACILITY
SURGE ENERGY INC. ANNOUNCES CLOSING OF $175 MILLION SENIOR UNSECURED NOTE OFFERING; REPAYMENT OF ...
About this update from Surge Energy Inc.
[{"type":"text","content":"\n\n\n\n SURGE ENERGY INC. ANNOUNCES CLOSING OF $175 MILLION SENIOR UNSECURED NOTE OFFERING; REPAYMENT OF SECOND LIEN CREDIT FACILITY; INCREASE TO FIRST LIEN REVOLVING CREDIT FACILITY\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n /NOT FOR DISTRIBUTION IN\n \n THE UNITED STATES\n \n OR DISSEMINATION OVER\n \n UNITED STATES\n \n WIRE SERVICES/\n \n\n\n\n CALGARY, AB\n \n\n ,\n \n\n Sept. 5, 2024\n \n\n /CNW/ - Surge Energy Inc. (\"Surge\" or the \"Company\") (TSX: SGY) is pleased to announce the closing (the \"Closing\") of its previously announced private placement offering (the \"Offering\") of\n \n $175 million\n \n aggregate principal amount of senior unsecured notes due 2029 (the \"Notes\"). The Notes bear interest at a rate of 8.500% per annum and mature on\n \n September 5, 2029\n \n . The Notes were priced at 100% of par to yield 8.500% per annum.\n \n\n\n\n\n\n\n\n\n\n CLOSE OF OFFERING AND REPAYMENT OF SECOND LIEN CREDIT FACILITY\n \n\n\n Concurrent with the Closing of the Offering, Surge confirms that it has repaid in full all amounts owing under the Company's non-revolving second-lien term facility. The remainder of the proceeds from the Offering will be used to repay other existing indebtedness, including amounts drawn under the Company's revolving first-lien credit facility, related transaction expenses, and for general corporate purposes.\n \n\n The Notes were offered for sale in each of the Provinces of\n \n Canada\n \n to \"accredited investors\" on a private placement basis in accordance with Canadian securities laws, were not qualified for sale to the public under Canadian securities laws and accordingly, any offer or sale of the Notes in\n \n Canada\n \n will be made on a basis which is exempt from the prospectus requirements of such securities laws. In addition, the Notes have not been registered under the U.S. Securities Act, or any state securities laws, and are being offered and sold in\n \n the United States\n \n only to qualified institutional buyers in reliance on Rule 144A under t...