Surge Energy calls C$44.5 million 5.75% convertibles due 2022

By Wendy Van Sickle

Columbus, Ohio, Sept. 22 – Surge Energy Inc. called its C$44.5 million of 5.75% convertible debentures due Dec. 31, 2022 (Cusip: 86880YAA7) for cash redemption on Oct. 28, according to a news release.

The redemption price is par plus accrued interest, less any tax required to be deducted.

Holders have the right to convert their debentures into common shares of Surge at a conversion price of C$23.23 per share at any time prior to 7 p.m. ET on Oct. 27. A holder would receive about 43 shares per C$1,000 principal amount converted plus a cash payment for accrued unpaid interest up to, but excluding, the date of conversion. Fractional shares will be paid in cash.

Surge Energy is a Calgary, Alta.-based oil and gas production company.

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