Debt repayment The most important piece of information in this report:
2025 Note might be gone by next Spring.
MEG announced today that the Corporation has issued a notice to redeem US$100 million (approximately C$125 million) of MEG's 6.50% senior secured second lien notes due January 2025 at a redemption price of 103.25%, plus accrued and unpaid interest to, but not including, the redemption date. The redemption is expected to be completed on or about August 23, 2021.
Based on the current commodity price environment, MEG anticipates generating approximately $275 million of free cash flow in the second half of 2021, which will be directed to further debt repayment.