Business
Tourmaline Oil Corp. Announces Inaugural Issuance of Senior Unsecured Notes
Tourmaline Oil Corp. Announces Inaugural Issuance of Senior Unsecured Notes Can...
About this update from Tourmaline Oil Corp.
[{"type":"text","content":"\n \n \n \n Tourmaline Oil Corp. Announces Inaugural Issuance of Senior Unsecured Notes\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Jan. 20, 2021\n \n /CNW/ -\n \n \n Tourmaline Oil Corp. (TSX: TOU) (\"\n \n Tourmaline\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that it has agreed to issue\n \n $250 million\n \n aggregate principal amount of senior unsecured notes due\n \n January 25, 2028\n \n (the \"\n \n Notes\n \n \").  The Notes will be issued at par for aggregate gross proceeds of\n \n $250 million\n \n and will bear interest at a fixed rate of 2.077% per annum, payable semi-annually on the 25\n \n th\n \n day of January and July of each year, commencing on\n \n July 25, 2021\n \n .\n \n \n \n \n \n \n \n \n \n Tourmaline believes this inaugural issuance of investment-grade debt is an important step towards diversifying its sources of low-cost capital and continuing its progression as one of the largest, most efficient producers of oil and gas in Canada.  The Notes have been assigned a provisional rating of BBB, with a stable trend, by DBRS Limited (DBRS Morningstar).\n \n \n The Notes will be direct, unsecured obligations of Tourmaline and will rank equally with all other present and future unsecured and unsubordinated indebtedness of the Company. The Notes are being offered in\n \n Canada\n \n on a private-placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation (the \"\n \n Offering\n \n \").\n \n \n The Notes, offered on a best-efforts basis through a syndicate of agents co-led by Scotia Capital Inc., TD Securities Inc. and BMO Capital Markets Inc., are expected to be issued on or about\n \n January 25, 2021\n \n , subject to customary closing conditions. The net proceeds of the Offering will be used to repay existing indebtedness and for general corporate purposes.\n \n \n This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes in any jurisdict...