MEG Energy plans to redeem $600 million notes due 2024 via new notes

By Rebecca Melvin

New York, Jan. 19 – MEG Energy Corp. said it plans to redeem in full its $600 million of 7% senior notes due March 2024 using proceeds from an offering of new notes.

The 2024 notes will be redeemed at 101.167 plus accrued interest to the redemption date, according to a press release.

The company announced that it plans to offer $600 million of senior notes due 2029.

The redemption of the 2024 notes is conditioned on issuance of the 2029 notes.

The redemption is expected to be completed on Feb. 18.

Based in Calgary, Alta., MEG is focused on in situ sustainable thermal oil development and production in Canada.

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