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SURGE ENERGY INC. ANNOUNCES $175 MILLION SENIOR UNSECURED NOTE OFFERING
SURGE ENERGY INC. ANNOUNCES $175 MILLION SENIOR UNSECURED NOTE OFFERING Canada NewsWire...
About this update from Surge Energy Inc.
[{"type":"text","content":"\n\n\n\n SURGE ENERGY INC. ANNOUNCES $175 MILLION SENIOR UNSECURED NOTE OFFERING\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.prntac{\nTEXT-ALIGN: CENTER\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 Aug. 21, 2024\n \n\n /CNW/ - Surge Energy Inc. (\"Surge\" or the \"Company\") (TSX: SGY) is pleased to announce a\n \n C$175 million\n \n private placement offering (the \"Offering\") of senior unsecured notes due 2029 (the \"Notes\"). The Notes will 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. The closing of the Offering is subject to customary closing conditions and is expected to close on or about\n \n September 5, 2024\n \n .\n \n\n\n\n\n\n\n\n\n Surge intends to use the net proceeds from the Offering to repay in full the amounts owing under the Company's non-revolving second-lien term facility, with the remainder, if any, to repay other existing indebtedness, including the amount then drawn under the Company's revolving first-lien credit facility, to pay related transaction expenses and/or for general corporate purposes.\n \n\n Upon closing the Offering, Surge anticipates having an undrawn revolving first-lien credit facility. Subsequent to closing the Offering, the Company expects to have the following outstanding long-term debt maturity profile:\n \n\n\n\n $175 million\n \n of senior unsecured notes, maturing\n \n September 5\n \n\n th\n \n , 2029; and\n \n\n\n $48.3 million\n \n aggregate principal amount of convertible unsecured subordinated debentures, maturing\n \n December 31, 2028\n \n .\n \n\n\n This Offering strategically positions Surge to continue to develop and grow the Company's dominant operational positions in its Sparky and\n \n SE Saskatchewan\n \n crude oil core areas.\n \n\n The Notes are being offered for sale in each of the provinces of\n \n Canada\n \n to \"accredited investors\" on a private...