CALGARY, AB, Nov. 29, 2021
/CNW/ - MEG Energy Corp. ("MEG" or the "Company") (TSX: MEG)
announced today that it has issued a notice to redeem US$225 million aggregate principal amount of its
6.50% senior secured second lien notes due 2025 (the "Second Lien
Notes") at a redemption price of 101.625%, plus accrued and unpaid
interest to, but not including, the redemption date. The
redemption is expected to be completed on or about January 18, 2022. Inclusive of the redemption,
MEG will have redeemed US$579 million
of the original US$750 million
principal balance of the Second Lien Notes, leaving US$171 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.
About MEG
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".
Forward-Looking Information
Certain statements contained in this news release may constitute
forward-looking statements within the meaning of applicable
Canadian securities laws. These statements relate to future events
or MEG's future performance. All statements other than statements
of historical fact may be forward-looking statements. The use of
any of the words "anticipate", "continue", "estimate", "expect" or
"expected", "may", "will", "will have", "project", "should",
"believe", "dependent", "ability", "leaving", "plan", "intend",
"target", "potential" and similar expressions are intended to
identify forward-looking statements. Forward-looking statements are
often, but not always, identified by such words. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. In
particular, and without limiting the foregoing, this news release
contains forward-looking statements with respect to the issuance of
a notice for redemption of a portion of the Second Lien Notes,
timing and successful completion of the redemption of a portion of
the Second Lien Notes. Such forward-looking information is based on
certain assumptions and analysis made by MEG 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 MEG's expectations and predictions
is subject to a number of known and unknown risks and uncertainties
which could cause actual results to differ materially from MEG's
expectations. Further information regarding the assumptions and
risks inherent in the making of forward-looking statements can be
found in MEG's most recently filed Annual Information Form ("AIF"),
along with MEG's other public disclosure documents. Copies of the
AIF and MEG's other public disclosure documents are available
through the Company's website at
www.megenergy.com/investors and through the SEDAR website at
www.sedar.com. The forward-looking information included in
this news release is expressly qualified in its entirety by the
foregoing cautionary statements. Unless otherwise stated, the
forward-looking information included in this news release is made
as of the date of this news release and MEG assumes no obligation
to update or revise any forward-looking information to reflect new
events or circumstances, except as required by law.
For further information, please contact:
Investor Relations
T 587.293.6045
E invest@megenergy.com
Media Relations
T 403.775.1131
E media@megenergy.com
SOURCE MEG Energy Corp.