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Athabasca Oil to redeem $450 million 9 7/8% notes due 2022
By William Gullotti
Buffalo, N.Y., Oct. 7 – Athabasca Oil Corp. announced a conditional redemption for its $450 million 9 7/8% senior secured second-lien notes due Feb. 24, 2022, according to a press release on Thursday.
The redemption’s condition is based on the successful completion an offering of $350 million 9¾% senior secured second-lien notes due 2026, which has an expected settlement date of Oct. 22.
The notes will be redeemed at par plus accrued and unpaid interest to, but excluding, the redemption date. Nov. 6 is the anticipated redemption date.
According to the release, further details regarding the redemption are expected Oct. 7.
Athabasca is a Calgary, Alta.-based energy company focused on the development of thermal and light oil assets.
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