CALGARY,
AB, April 19, 2022 /PRNewswire/ - Vermilion
Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX:
VET), (NYSE: VET) today announced the pricing of its previously
announced private offering of up to US$400
million of 8 year senior unsecured notes (the "New Notes").
The New Notes will be issued in the aggregate principal amount of
US$400 million, and will have a
maturity date of May 1, 2030 and a
fixed coupon of 6.875% per annum, to be paid semi-annually. The
notes were priced at 99.241% of par. The offering of the New Notes
(the "Offering") is expected to close on or about April 26, 2022, subject to customary closing
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 buyers" 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, the closing date for the Offering, 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, in the manner
described herein or at all. 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.
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SOURCE Vermilion Energy Inc.