MEG Energy announces successful closing of previously announced comprehensive refinancing plan
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 01/27/17 -- MEG Energy Corp. ("MEG" or the "Company") (TSX: MEG) announced today that it has successfully closed its previously announced comprehensive refinancing plan, comprised of four financing transactions (the "Transactions"). The Transactions are expected to support a strengthened balance sheet, as well as increased production and reduced costs, through an expansion of the Company's growth program. The refinancing plan retains the covenant-lite flexibility of the Company's current debt structure.
All dollar figures are in $CDN unless otherwise noted.
The comprehensive refinancing plan is comprised of the following four transactions:
"We are pleased to have successfully closed all four transactions that formed our comprehensive refinancing plan, with essentially no change to the cash costs of the business. These transactions allow the Company to move forward with our growth strategy. We have a five-year window to grow the business through our highly economic capital program and the added flexibility to pursue additional deleveraging alternatives," said Bill McCaffrey, President and Chief Executive Officer. "We believe our covenant-lite revolving credit facility, which at closing remains undrawn, is also sufficient to meet our foreseeable liquidity needs."
About MEG Energy
MEG Energy Corp. is focused on sustainable in situ oil sands development and production in the southern Athabasca oil sands region of Alberta, Canada. MEG is actively developing enhanced oil recovery projects that utilize SAGD extraction methods. MEG's common shares are listed on the Toronto Stock Exchange under the symbol "MEG."
Disclaimer
This press release is not an offer of securities for sale in the United States, and the securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering to be made in the United States will be made by means of a prospectus that may be obtained from MEG and will contain detailed information about MEG and management, as well as financial statements.
Forward-Looking Information
This press release may contain forward-looking information including but not limited to the expected results of the refinancing plan and the expected redemption of the Company's existing 2021 notes. Such forward-looking information is based on certain assumptions and analysis made by MEG in light of its experience and perception of current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results, performance or achievements will conform to MEG's expectations and predictions is subject to market conditions and a number of known and unknown risks and uncertainties which could cause actual results to differ materially from MEG's expectations.
Although MEG believes that the assumptions used in such forward-looking information are reasonable, there can be no assurance that such assumptions will be correct. Accordingly, readers are cautioned that the actual results achieved may vary from the forward-looking information provided herein and that the variations may be material. Readers are also cautioned that the foregoing list of assumptions, risks and factors is not exhaustive. Other factors which could materially affect such forward-looking information are described in the risk factors detailed in the offering documentation prepared and delivered by MEG in connection with the Subscription Receipt Offering and in MEG's most recently filed Annual Information Form ("AIF"), along with MEG's other public disclosure documents. Copies of the AIF and MEG's other public disclosure documents are available through the SEDAR website which is available at .
The forward-looking information included in this document is expressly qualified in its entirety by the foregoing cautionary statements. Unless otherwise stated, the forward-looking information included in this document is made as of the date of this document and MEG assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law.
Contacts:
Investors & Media
John Rogers
Vice President, Investor Relations and
External Communications
403-770-5335
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Datum: 27.01.2017 - 14:23 Uhr
Sprache: Deutsch
News-ID 520372
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