CALGARY, AB – MEG Energy Corp. (“MEG” or the “Company”) (TSX: MEG) announced today that it has issued a notice to redeem US$100 million aggregate principal amount of its 6.50% senior secured second lien notes due 2025 (the “Second Lien Notes”) at a redemption price of 103.25%, plus accrued and unpaid interest to, but not including, the redemption date. The redemption is expected to be completed on or about August 23, 2021. Inclusive of the redemption, MEG will have redeemed US$354 million of the original US$750 million principal balance of the Second Lien Notes, leaving US$396 million principal balance outstanding.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.
MEG is an energy company focused on sustainable in situ thermal oil production in the southern Athabasca region of Alberta, Canada. MEG is actively developing innovative enhanced oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the responsible economic recovery of oil as well as lower carbon emissions. MEG transports and sells its thermal oil production to refiners throughout North America and internationally. MEG’s common shares are listed on the Toronto Stock Exchange under the symbol “MEG”.