Ovintiv calls 5.75% notes due 2022, also expects to call 3.9% notes due 2021

By Wendy Van Sickle

Columbus, Ohio, May 19 – Ovintiv Inc. will redeem its $600 million 5.75% notes due 2022 on June 18 and expects to also redeem all $518 million of its outstanding 3.9% notes due 2021 at par in mid-August, according to a news release.

The company said the redemptions will result in over $50 million of annualized interest expense being removed from its cost structure. Its next debt maturity is not until July of 2024.

Proceeds of the company’s recent sale of its Eagle Ford and Duvernay assets will be used for the debt reduction.

The company is an oil and gas exploration and development company based in Denver.

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