Saturn Oil & Gas (TSE:SOIL) has released an update.
Saturn Oil & Gas Inc. has announced the pricing of a significant $650 million private placement of senior secured notes, with an interest rate of 9.625%, maturing in 2029. These funds are earmarked to partially finance an acquisition of assets from Veren Partnership, repay existing debt, and for general corporate purposes, including a new $150 million reserve based loan facility. The offer, closing on June 14, 2024, will be available to qualified institutional buyers and certain non-U.S. persons, with conditions applied if the acquisition does not finalize by August 14, 2024.
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