MEG Energy repays $481 million of outstanding long-term debt

By Sarah Lizee

Olympia, Wash., Oct. 31 – MEG Energy Corp. has repaid $481 million of outstanding long-term debt up to Oct. 30, according to a press release.

That amount includes $385 million during the third quarter and $88 million subsequent to the quarter.

Annualized interest savings from these repurchases are expected to be about $30 million.

“These annualized interest savings, when combined with the annualized $14 million of credit fee savings associated with the amendment of MEG's revolving credit facility announced July 30, 2019 brings aggregate credit-related cash cost savings contribution to annual free cash flow to approximately $44 million,” the company said in the release.

Calgary, Alta.-based MEG Energy is focused on sustainable in situ thermal oil development and production in the southern Athabasca region of Alberta, Canada.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.