Seven Generations issues conditional call for three series of notes

By Wendy Van Sickle

Columbus, Ohio, March 4 – Seven Generations Energy Ltd. has issued conditional notices to redeem all of its outstanding $378 million 6¾% senior notes due 2023, $114 million 6 7/8% senior notes due 2023 and $700 million 5 3/8% senior notes due 2025, according to a news release.

The 6¾% notes will be redeemed at par, the 6 7/8% notes at 101.719 and the 5 3/8% notes at 104.031.

The 6 7/8% notes and 5 3/8% notes are expected to be redeemed on April 6. The 6¾% notes are expected to be redeemed on May 1.

The redemption is conditional on the completion of the previously announced business combination with ARC Resources Ltd. and, with respect to the 6 7/8% notes and the 5 3/8% notes, the consummation of a refinancing by ARC in an amount sufficient to fund the redemption of the notes upon closing.

Seven Generations is a Calgary, Alta.-based natural gas developer.

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