CALGARY,
AB, April 19, 2022 /PRNewswire/
- Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the
"Company") (TSX: VET) (NYSE: VET) announces its intention to issue
up to US$400 million aggregate
principal amount of 8 year senior unsecured notes (the "New Notes")
in a private offering to qualified institutional buyers (the
"Offering"), subject to market and other conditions. The company
intends to use the net proceeds from the New Notes to reduce the
amount outstanding on our credit facility. Contingent upon the
completion of the Offering, it is our intention to reduce the size
of our credit facility from $2.1
billion to $1.6 billion. The
completion of the Offering is not subject to the reduction of the
size of the credit facility.
The New Notes have not been and will not be registered under the
U.S. Securities Act of 1933, as amended ("U.S. Securities Act") or
applicable state securities laws, and may not be offered or sold in
the United States absent
registration or an applicable exemption from the registration
requirements of the U.S. Securities Act and applicable state
securities laws. The New Notes have not been and will not be
qualified for sale to the public under applicable Canadian
securities laws and, accordingly, any offer and sale of the New
Notes in Canada will be made on a
basis which is exempt from the prospectus requirements of such
securities laws. Pursuant to the terms of the offering, the New
Notes will be offered and sold only on a prospectus-exempt basis to
institutional "accredited investors" in certain provinces in
Canada and, in the United States, will be offered and sold
only to "qualified institutional investors" in reliance on Rule
144A under the U.S. Securities Act and to certain non-U.S. persons
in transactions outside the United
States in reliance on Regulation S under the U.S. Securities
Act.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security in any jurisdiction
and shall not constitute an offer, solicitation or sale of any
securities in any jurisdiction in which such offering, solicitation
or sale would be unlawful.
Forward-looking Information
Advisory
Certain statements in this press release constitute
"forward-looking information" within the meaning of applicable
securities laws. Such forward-looking information includes
statements regarding the size and terms of the Offering, the use of
proceeds therefrom, and the renewal and reduction of Vermilion's
credit facility. Vermilion believes the expectations reflected in
such forward-looking statements are reasonable but no assurance can
be given that these expectations will prove to be correct and such
forward-looking statements should not be unduly relied upon.
The forward-looking statements contained herein are based upon
certain assumptions and factors including, without limitation,
current and future economic and financial conditions and expected
future developments. Vermilion believes such assumptions and
factors are reasonably accurate at the time of preparing this press
release. However, forward-looking statements are not guarantees of
future performance and involve a number of risks and uncertainties.
Such forward-looking statements necessarily involve known and
unknown risks and uncertainties and other factors, which may cause
actual results and circumstances to differ materially from any
projections of future events or results expressed or implied by
such forward looking statements. Such factors include, but are not
limited to, risks associated with: closing of the Offering; failure
to obtain any necessary consents and approvals required to complete
the Offering and/or renew and reduce the Company's credit facility
in the manner described herein or at all; and general economic,
market and business conditions; and other factors, many of which
are beyond the control of Vermilion. There is a specific risk that
Vermilion may be unable to complete the Offering. If Vermilion is
unable to complete the Offering, there could be a material adverse
impact on Vermilion and on the value of its securities. See also
the risks and uncertainties described under "Special Note Regarding
Forward-Looking Information" and "Risk Factors" included in
Vermilion's Annual Information Form dated March 4, 2022 filed under the Company's issuer
profile on SEDAR (www.SEDAR.com).
Any forward-looking statements are made as of the date hereof
and Vermilion does not undertake any obligation, except as required
under applicable law, to publicly update or revise such statements
to reflect new information, subsequent or otherwise. The
forward-looking statements contained in this press release are
expressly qualified by this cautionary statement.
About Vermilion
Vermilion is an international energy producer that seeks to
create value through the acquisition, exploration, development and
optimization of producing assets in North
America, Europe and
Australia. Our business model
emphasizes free cash flow generation and returning capital to
investors when economically warranted, augmented by value-adding
acquisitions. Vermilion's operations are focused on the
exploitation of light oil and liquids-rich natural gas conventional
resource plays in North America
and the exploration and development of conventional natural gas and
oil opportunities in Europe and
Australia.
Vermilion's priorities are health and safety, the environment,
and profitability, in that order. Nothing is more important
to us than the safety of the public and those who work with us, and
the protection of our natural surroundings. We have been
recognized by leading ESG rating agencies for our transparency on
and management of key environmental, social and governance issues.
In addition, we emphasize strategic community investment in each of
our operating areas.
Employees and directors hold approximately 5% of our outstanding
shares and are committed to delivering long-term value for all
stakeholders. Vermilion trades on the Toronto Stock Exchange and
the New York Stock Exchange under the symbol VET.
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SOURCE Vermilion Energy Inc.