CALGARY, Alberta, Sept. 12, 2019 (GLOBE NEWSWIRE) — Gibson Energy Inc. (“Gibson” or the “Company”), (TSX: GEI), announced today that it has agreed to issue $500 million senior unsecured medium term notes, Series 1 (the “Notes”). The Notes will have a fixed coupon rate of 3.60% per annum, payable semi-annually, and will mature 10 years from the date of issue.
The offering of the Notes is expected to close on or about September 17, 2019, subject to customary closing conditions. Gibson intends to use the net proceeds from the sale of the Notes for the redemption of its outstanding $300 million 5.375% senior unsecured notes due July 15, 2022, to reduce outstanding indebtedness under its revolving credit facility and for general corporate purposes.
The Notes are being offered through a syndicate of investment dealers co-led by CIBC Capital Markets and RBC Capital Markets under Gibson’s short form base shelf prospectus dated June 26, 2019, a prospectus supplement dated September 3, 2019 and a pricing supplement dated September 12, 2019 relating to the offering of the Notes.
This news release does not constitute an offer to sell or the solicitation of an offer to buy the Notes in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Notes have not been approved or disapproved by any regulatory authority. The Notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any securities laws of any state of the United States and may not be offered, sold or delivered in the United States or to, or for the account or benefit of, United States persons.
Gibson is a Canadian-based oil infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of crude oil and refined products. Headquartered in Calgary, Alberta, the Company’s operations are focused around its core terminal assets located at Hardisty and Edmonton, Alberta, and also include the Moose Jaw Facility and an infrastructure position in the U.S.
Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.