Post by
Dogsbreakfast4U on Jan 21, 2021 8:06am
Note Issuance 2.077%
Tourmaline Oil Corp. Details Inaugural Issuance of Senior Unsecured Notes; Shares Closed Lower After Earlier Wednesday Hitting 52 Week Highs 04:47 PM EST, 01/20/2021 (MT Newswires) -- Tourmaline Oil Corp. (TSX: TOU) closed Wednesday down 0.5% at $20.91, having earlier in the day hit a 52 week high of $21.40. Then after trade the company announced that it has agreed to issue $250 million aggregate principal amount of senior unsecured notes due January 25, 2028. According to a statement, the Notes will be issued at par for aggregate gross proceeds of $250 million and will bear interest at a fixed rate of 2.077% per annum, payable semi-annually on the 25th day of January and July of each year, commencing on July 25, 2021. Tourmaline said it 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.
Comment by
ngtraderng on Jan 21, 2021 6:30pm
Nice. They should issue more 7-year notes at a 2% interest rate and use it to buy more assets.