By Susanna Moon
Chicago, June 15 – Delphi Energy Corp. said it closed an upsized C$60 million public offering of units of 10% notes due July 15, 2021 and warrants.
The company sold 60,000 units, each consisting of C$1,000 principal amount 10% Collateralized Exchange Listed Notes and 245 warrants, according to a company notice.
Pricing was set at C$1,000 per unit on June 2 and upsized from the original C$40 million amount, according to a separate announcement.
The units will immediately separate into notes and warrants upon issue.
Each warrant is exercisable at C$1.40 per share at any time until July 15, 2021. The strike price is a 34.62% premium to the company’s closing price on June 14.
Raymond James Ltd. and Peters & Co. Ltd. are the lead bookrunners.
Some proceeds will be used to retire debt under the company’s subordinated third-party credit facility of about C$14.2 million with the rest of the proceeds to be used to repay debt under its senior credit facility.
Delphi Energy is a Calgary, Alta.-based company that explores, develops and produces oil and natural gas in Western Canada.
| Issuer: | Delphi Energy Corp.
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| Issue: | Units of Collateralized Exchange Listed Notes and 245 warrants
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| Amount: | C$60 million, upsized from C$40 million
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| Coupon: | 10%
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| Maturity: | July 15, 2021
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| Units: | 60,000
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| Price: | C$1,000
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| Warrants: | 245
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| Warrant strike price: | C$1.40 per share
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| Warrant expiration: | July 15, 2021
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| Bookrunners: | Raymond James Ltd. and Peters & Co. Ltd.
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| Underwriters: | AltaCorp Capital Inc., GMP Securities LP and Industrial Alliance Securities Inc.
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| Settlement date: | June 15
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| Stock symbol: | Toronto: DEE
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| Stock price: | C$1.04 at close June 14
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| Market capitalization: | C$157.11 million
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