Seven Generations Energy Ltd. raises US$321 million following its private placement of 8.250% senior notes due 2020
On February 5, 2014, Seven Generations Energy Ltd. (Seven Generations) announced that it closed a private placement of US$300 million in aggregate principal amount of 8.250% senior notes due 2020. The notes were issued under a supplemental indenture to an indenture governing the terms of the notes and were priced at 107% of par (implying a yield of 6.65%), resulting in gross proceeds to the company of US$321 million.
The company intends to use net proceeds from the offering to fund, in part, its 2014 capital expenditure plan.
Seven Generations Energy Ltd. is a private oil and gas developer based in Calgary, Alberta, who is engaged in the delineation and development of its Kakwa River Project, located approximately 100 km south of Grand Prairie, Alberta.
Further information can be found on Canada Newswire's website.