Calgary, Alberta–(Newsfile Corp. – March 14, 2024) – OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (“Obsidian Energy“, the “Company“, “we“, “us” or “our“) today announced completion of our previously announced offer (the “Offer“) to purchase for cash, up to an aggregate amount of $2.0 million of our outstanding 11.95 percent Senior Unsecured Notes due July 27, 2027 (the “Notes“). The Offer expired on March 11, 2024, and was made on the terms and subject to the conditions set forth in the Offer to Purchase dated February 26, 2024 (the “Statement“).
The Offer was oversubscribed, with approximately $49.2 million aggregate principal amount of Notes validly tendered prior to 5:00 p.m., EDT, on March 11, 2024. The aggregate purchase consideration paid by the Company pursuant to the Offer was $2.0 million (approximately, due to rounding), resulting in a proration of the Notes validly tendered. Notes were accepted for purchase and cancellation only in principal amounts equal to minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. Notes that were accepted and prorated pursuant to the Offer were rounded up or down to the nearest $1,000. Holders who tendered less than all of their Notes must not hold Notes in less than the minimum authorized denomination of $2,000 principal amount as a result of the Offer.
Settlement of the Offer was completed by the Company today. Holders will receive payment for the accepted Notes as soon as practicable, in accordance with the terms of the Statement. Upon completion of the Offer, the Company has $114.2 million of Notes outstanding.
Computershare Investor Services Inc. served as the tender agent for the Offer.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
All figures are in Canadian dollars unless otherwise stated.