CALGARY, ALBERTA–(Marketwired – June 2, 2016) – Gibson Energy Inc. (“Gibsons” or the “Company”) (TSX:GEI) is pleased to announce that it has completed its previously announced bought deal offering (the “Offering”). Pursuant to the Offering, Gibsons issued a total of 14,892,500 common shares, which includes the exercise in full by the underwriters of the over-allotment option, at a price of $15.45 per common share, and $100 million of unsecured subordinated convertible debentures for total combined gross proceeds of approximately $330 million. The net proceeds of the Offering will be used to initially repay bank indebtedness, fund the Company’s previously announced 2016 and 2017 growth capital program, and the potential expansion thereof, and for general corporate purposes.
The offering was made through a syndicate of underwriters co-led by BMO Capital Markets and RBC Capital Markets.
Gibsons is a Canadian-based midstream energy company with operations in most of the key hydrocarbon-rich basins in North America. For over 60 years, Gibsons has delivered integrated midstream solutions to customers in the oil and gas industry. With headquarters in Calgary, Alberta, the Company’s North American operations include the storage, blending, processing, transportation, marketing and distribution of crude oil, natural gas liquids and refined products. The Company also provides oilfield waste and water management services. Gibsons is the second largest industrial propane distribution company operating in Canada under the Canwest Propane and Stittco Energy brands.