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Empire District issues $60 million bonds; Torchlight sells $40 million notes; CRH eyes debt
By Lisa Kerner
Charlotte, N.C., Dec. 2 – Empire District Electric Co. issued $60 million of 4.27% first mortgage bonds due 2044 under a previously announced Oct. 15 bond purchase agreement.
Interest is payable semiannually on June 1 and Dec. 1, beginning on June 1, 2015, according to a form 8-K filed with the Securities and Exchange Commission.
Proceeds will be used to refinance existing short-term debt and for general corporate purposes.
Empire District Electric is a Joplin, Mo.-based utility company.
Torchlight Energy Resources, Inc. announced an agreement to sell a series of 13% notes totaling up to $40 million to a group of institutional lenders.
The notes mature two years from their date of sale and the closing date is yet to be determined.
Torchlight’s initial draw will be a minimum of $10.35 million, according to a news release.
The funds will be used to reduce payables and to provide working capital for development, drilling and completion of wells.
Plano, Texas-based Torchlight is an oil and gas exploration and production company.
CRH Medical Corp. will use senior and subordinated credit facilities from Knight Therapeutics Inc. and affiliates of Crown Capital Partners Inc. to help fund its $58.6 million acquisition of Gastroenterology Anesthesia Associates, LLC.
The credit facilities will incur interest at a rate of between 10% and 12% per annum, according to a news release.
Knight’s $30 million credit facility will mature after a term of two years, with a possible extension, while Crown’s $20 million facility will mature after 42 months.
Gastroenterology Aesthesia, based in Atlanta, provides anesthesiology services to gastroenterologists in the southeastern United States.
Vancouver, B.C.-based CRH provides physicians with products and services for the treatment of gastrointestinal diseases.
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