Crescent Point’s term loan facility
On November 6, 2023, Crescent Point Energy Corp. ("Crescent Point") announced that it entered into an arrangement agreement to acquire Hammerhead Energy Inc. (“Hammerhead”), an oil and liquids-rich Alberta Montney producer, for the total consideration of approximately C$2.55 billion, including approximately C$455 million in assumed net debt, consisting of cash and common shares of Crescent Point.
Crescent Point intends to fund the cash portion of the transaction through its existing credit facilities, a new three-year term loan totaling C$750 million and approximately C$500 million of gross cash proceeds from an equity offering, as announced separately.
The Bank of Nova Scotia, BMO Capital Markets and Royal Bank of Canada are acting as co-lead arrangers and joint bookrunners on Crescent Point’s new term loan facility.
The successful completion of the transaction was announced on December 21, 2023.
Further information can be found on Globe Newswire's website.
Crescent Point is a leading North American oil producer focused on the development of high-return resource plays. Based in Calgary, Alberta, we aim to create value for our shareholders by advancing our asset base through exceptional operational performance centered on safety, costs and the environment.
Hammerhead is a is a growth-oriented company based in Calgary, Alberta with production and development focused in the multi-zone, Montney light oil window.