S&P gives Gibson Energy notes BB

S&P said it assigned its BB issue-level rating to Gibson Energy Inc.'s C$250 million, 5¼% fixed-to-fixed rate subordinated notes series 2020-A due Dec. 22, 2080.

The company will use the proceeds to fund the previously announced redemption of its outstanding 5¼% unsecured convertible debentures due July 2021, repay borrowings under its revolving credit facility and general corporate purposes.

Gibson’s BBB- long-term issuer credit rating and stable outlook are unchanged, the agency said.

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