Surge Energy calls 6.75% convertible debentures due 2024 at par

By Marisa Wong

Los Angeles, Oct. 19 – Surge Energy Inc. issued a notice of redemption to holders of its 6.75% convertible debentures due June 30, 2024, according to a press release.

The company will redeem the convertibles on Nov. 18 at par plus accrued interest.

The redemption will be funded with proceeds from the company’s issuance of new convertible debentures due 2028.

Holders of the convertibles have the right to convert their debentures into common shares of Surge at a conversion price of $19.12 per share at any time prior to 5 p.m. ET on Nov. 17.

Holders electing to convert their debentures will receive about 52 shares per $1,000 principal amount converted, plus a cash payment for accrued interest.

Surge Energy is a Calgary, Alta.-based oil and gas production company.

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