Bonavista Energy Corporation Announces Closing of Private Placements of Senior Notes

CALGARY, ALBERTA–(Marketwired – May 24, 2013) – Bonavista Energy Corporation (“Bonavista”) (TSX:BNP) is pleased to announce that it has closed private placements of long-term debt of guaranteed senior unsecured notes to a group of institutional investors. The notes issued pursuant to the private placements are ranked equally with Bonavista’s obligations under its bank facility. In total, approximately $225 million (US $205 million and CDN $20 million) was raised through four separate series of notes under various terms and rates as described in the table below:

The notes have a blended coupon rate of 3.78% and a weighted average term of 11.1 years. Proceeds from the offering were used to repay a portion of Bonavista’s outstanding bank debt.

In connection with the offering of $125 million of the senior notes, Citigroup Global Markets Inc. acted as lead placement agent and sole bookrunner on the offering.

The senior notes have not and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Please visit our website at www.bonavistaenergy.com for detailed corporate information.

Contact

Jason E. Skehar
President & CEO
(403) 213-4300

Glenn A. Hamilton
Senior Vice President & CFO
(403) 213-4300

Dean Kobelka
Vice President, Finance
(403) 213-4300

Bonavista Energy Corporation
1500, 525 – 8th Avenue SW
Calgary, AB T2P 1G1
www.bonavistaenergy.com