By Wendy Van Sickle
Columbus, Ohio, Oct. 6 – Velvet Energy Ltd. said it completed a $125 million private placement of senior secured second lien notes due 2023.
The notes were placed Wednesday with funds advised by FS Investments and sub-advised by GSO Capital Partners LP, and certain investment funds managed by CI Investments Inc., according to a press release.
RBC Capital Markets acted as an agent for the placement.
Proceeds will be used to temporarily pay down Velvet’s existing bank debt and to fund an expanded Edson Ellerslie development program.
Calgary, Alta.-based Velvet Energy is a full cycle, exploration and development company
| Issuer: | Velvet Energy Ltd.
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| Issue: | Senior secured second lien notes
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| Amount: | $125 million
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| Maturity: | 2023
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| Distribution: | Private placement
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