Crew Energy completes $300M senior notes offering

Calgary (pcJ News Briefs) – Crew Energy Inc. (TSX: CR) has completed its previously announced offering of $300 million aggregate principal amount of 6.500% senior unsecured notes due March 14, 2024.

National Bank Financial Markets and TD Securities acted as joint book-runners for the offering.

A portion of the net proceeds of the Offering will be used to redeem the company’s $150 million aggregate principal amount of 8.375% senior unsecured notes due 2020 at $1,041.88 per $1,000 of principal amount redeemed, plus accrued and unpaid interest to, but not including, the redemption date which is March 23, 2017. With today’s closing of the offering, the previously announced conditions to the company’s redemption of the 2020 Notes have been satisfied.

Excess proceeds will be used for a non-permanent repayment of current indebtedness under Crew’s existing credit facility and for general corporate purposes, including the ongoing development of its high quality Montney asset base.

Crew Energy Inc. is a growth-oriented exploration and production company, focused on increasing long-term production, reserves and cash flow per share through the development of our world-class Montney resource.