By Paul A. Harris
Portland, Ore., Sept. 13 – Greenfire Resources Ltd. priced a $300 million issue of 12% five-year senior secured notes (B3/B+) at 98 to yield 12.545% on Wednesday, according to market sources.
The coupon and price came on top of talk. The yield printed within yield talk of approximately 12˝%.
BMO was the sole bookrunner.
The Calgary, Alta.-based oil and gas exploration and production company plans to use the proceeds to refinance its 12% senior secured notes due August 2025 and to satisfy its Business Combination Agreement Obligation, with any remainder to be used for general corporate purposes.
| Issuer: | Greenfire Resources Ltd.
|
| Amount: | $300 million
|
| Issue: | Senior secured notes
|
| Maturity: | Oct. 1, 2028
|
| Bookrunner: | BMO
|
| Co-manager: | Imperial Capital
|
| Coupon: | 12%
|
| Price: | 98
|
| Yield: | 12.545%
|
| Spread: | 808 bps
|
| First call; | Oct. 1, 2025 at 106
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 20
|
| Ratings: | Moody’s: B3
|
| S&P: B+
|
| Distribution: | Rule 144A, private placement in Canada
|
| Price talk: | 12% coupon at 98 to yield approximately 12˝%
|
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