By William Gullotti
Buffalo, N.Y., July 26 – Obsidian Energy Ltd. privately placed $127.6 million of 11.95% senior notes due 2027 at 98, according to a 6-K filing with the Securities and Exchange Commission.
According to the appended press release, certain directors, officers and employees of the company have elected to purchase $6.4 million of the notes.
As previously reported, Obsidian plans to use the approximately $125 million gross proceeds from the placement, together with all initial draws on new credit facilities, to repay all of its senior secured notes due Nov. 30, 2022, to repay the outstanding balances under its credit facilities due Nov. 30, 2022, and to repay the limited recourse loan due on Dec. 31, 2022, which was incurred in connection with Obsidian’s 2021 acquisition of the remaining 45% interest in the Peace River Oil Partnership.
Obsidian Energy is a Calgary, Alta.-based oil and natural gas production company.
| Issuer: | Obsidian Energy Ltd.
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| Amount: | $127.6 million
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| Issue: | Senior notes
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| Maturity: | July 27, 2027
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| Coupon: | 11.95%
|
| Price: | 98
|
| Pricing date: | July 25
|
| Settlement date: | July 27
|
| Distribution: | Private placement
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