CALGARY, AB – Teine Energy Ltd. (“Teine”) has closed its previously announced senior unsecured notes offering (the “Notes Offering”). Teine has issued US$400 million in aggregate principal amount of 6.875% senior unsecured notes due in 2029 (the “Notes”). The Notes were issued pursuant to an indenture dated as of April 6, 2021, by and between Teine and Wilmington Trust, National Association, as trustee.
Teine intends to use the net proceeds of the Notes Offering to redeem in full the US$350 million in aggregate principal amount of 6.875% senior unsecured notes due 2022 (the “2022 Notes”), to repay a portion of the outstanding borrowings under Teine’s credit facilities and to pay fees and expenses incurred in connection with the Notes Offering. In connection with the redemption of the 2022 Notes on April 21, 2021, Teine has paid US$350 million plus accrued and unpaid interest to the date of redemption to the trustee of the 2022 Notes to terminate and cancel the 2022 Notes effective the date hereof.
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Notes were offered only to qualified institutional buyers in the United States under Rule 144A and outside the United States in compliance with Regulation S under the U.S. Securities Act. In Canada, the Notes were offered and sold on a private placement basis in certain provinces of Canada.