pcJ News Briefs – Painted Pony Energy Ltd. (TSX: PONY) has completed previously announced CDN $200 million financing with Magnetar Financial, LLC, a hedge fund with Blackstone (NYSE:BX) as a minority shareholder.
The financing package is consisting of CDN $150 million of senior unsecured notes and CDN $50 million of unsecured subordinated convertible debentures. Net proceeds of the financing are approximately CDN $190 million.
Cormark Securities Inc. acted as exclusive financial advisor to Painted Pony on the financing. Blake, Cassels & Graydon LLP and Norton Rose Fulbright Canada LLP acted as legal counsel to Painted Pony and Magnetar Capital respectively.
photo credit: Painted Pony Energy
News Release
Painted Pony Announces Closing of Strategic Financing
CALGARY, Aug. 23, 2017 /CNW/ – Painted Pony Energy Ltd. (“Painted Pony” or the “Corporation”) (TSX: PONY) is pleased to announce the successful closing of its CAD$200 million private placement financing with Magnetar Capital, consisting of CAD$150 million of senior unsecured notes (the “Notes”) and CAD$50 million of unsecured subordinated convertible debentures (the “Debentures”), as previously announced on August 9, 2017. The Debentures will have an initial conversion price of $5.60 per common share, which was determined in accordance with the terms of the Debentures. Net proceeds of the financing are approximately CAD$190 million.
The terms of the Notes and the terms of the Debentures are set out in the respective indentures governing the Notes and the Debentures, which are available on Painted Pony’s SEDAR profile at www.sedar.com.
Cormark Securities Inc. acted as exclusive financial advisor to Painted Pony on the financing.
ABOUT PAINTED PONY
Painted Pony is a publicly-traded natural gas corporation based in Western Canada. The Corporation is primarily focused on the development of natural gas and natural gas liquids from the Montney formation in northeast British Columbia. Painted Pony’s common shares trade on the Toronto Stock Exchange under the symbol “PONY”.
SOURCE Painted Pony Energy Ltd.
Contact Information: Patrick R. Ward, President and CEO, (403) 475-0440; W. Derek Aylesworth, Senior Vice President and CFO, (403) 475-0440; Jason Fleury, Director, Investor Relations, (403) 776-3261, IR@paintedpony.ca, www.paintedpony.ca