RE:RE:DB and DB.A almost back to parIf you are an energy company needing refinancing of debt, you better hope you are a large one in order to get anything near reasonable rates. Atleast SGY didn't have to throw in warrants on top of 9.75% in order to get it done.
Cenovus CALGARY, Alberta, Sept. 13, 2021 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has completed a public offering in the United States (the “Offering”) of US$1,250,000,000 in senior notes, consisting of US$500,000,000 of 2.650% senior unsecured notes due 2032 and US$750,000,000 of 3.750% senior unsecured notes due 2052 (collectively, the “Notes”). The Notes were issued under Cenovus’s short form base shelf prospectus dated September 19, 2019 and a prospectus supplement dated September 9, 2021 filed with securities regulatory authorities in Canada and the United States.
https://www.cenovus.com/news/news-releases/2021/09-13-2021-cenovus-announces-closing-of-US-1-15-billion-offering-of-senior-notes.pdf Versus mid small caps
Nuvista CALGARY, Alberta, July 13, 2021 (GLOBE NEWSWIRE) -- NuVista Energy Ltd. (“NuVista” or the “Company”) (TSX:NVA) is pleased to announce today that it has entered into an underwriting agreement to sell, on a private placement basis, $230 million aggregate principal amount of 7.875% senior unsecured notes due July 23, 2026 (the "Notes"), which was increased from the previously announced offering of $200 million. The Notes will be issued at $989.89 expressed as a price per $1,000.00 principal amount under a new trust indenture, and will be direct senior unsecured obligations of NuVista ranking equal with all other present and future senior unsecured indebtedness of the Company. The Notes were offered in each of the provinces of Canada and in the United States on a private placement basis without the filing of a prospectus or registration statement (the "Offering"). Closing of the Offering is expected to occur on or about July 23, 2021, subject to satisfaction of customary closing conditions. Certain directors and officers of NuVista have elected to purchase $3.0 million of the Notes.
https://www.nuvistaenergy.com/investors/news-releases/?releasePage=2262402 Athabasca Oil CALGARY, Alberta, Oct. 07, 2021 (GLOBE NEWSWIRE) -- Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) announced today a private placement offering (the “Offering”) of 350,000 units. Each unit will consist of $1,000 principal amount of senior secured second lien notes due 2026 (each a “Note”) which bear interest at 9.75% per annum, and one five-year warrant (each “Warrant”) to purchase 227 common shares (“Warrant Shares”) at an exercise price of $0.9441 per Warrant Share (representing the 5-day volume weighted average trading price of the Company’s common shares on the Toronto Stock Exchange (“TSX”) ended October 6). The Warrants have a cashless exercise feature to minimize future dilution. Listing of the Warrant Shares issuable upon exercise of the Warrants will be subject to TSX approval. Closing of the Offering is anticipated on or about October 22, 2021. Athabasca will provide a strategic update and corporate guidance incorporating the Offering on closing.
https://www.atha.com/uploads/Athabasca_Financing_Press_Release_10-07-2021_FINAL.pdf pennydredful wrote:
The fact that these UNSECURED debt issues of 5.75 and 6.75 % are trading at virtually par means the company paid through the nose when they paid 8.85% for second lien SECURED debt that ranks ahead of this unsecured debt.