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Teine Energy Ltd. announces closing of private offering of senior unsecured notes

April 6, 202110:22 AM CNW

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.

Advisories & Contact
About Teine Energy Ltd.

Teine is a Calgary-based exploration, development and production company focused on acquiring and developing oil and natural gas properties in the Western Canadian Sedimentary Basin. Approximately 90% of Teine’s production is weighted towards oil and natural gas liquids.

Forward-Looking Information

This news release may contain forward-looking information including but not limited to the use of proceeds from the Notes Offering, including the redemption of the 2022 Notes. Such forward-looking information is based on certain assumptions and analysis made by Teine in light of its experience and perception of current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results, performance or achievements will conform to Teine’s expectations and predictions is subject to market conditions and a number of known and unknown risks and uncertainties which could cause actual results to differ materially from Teine’s expectations. Other factors which could materially affect such forward-looking information are described in the risk factors detailed in the offering documentation prepared and delivered by Teine in connection with the Notes Offering. 29dk2902l

Teine Energy

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