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MEG Energy Corp Announces $400 Million Public Bought Deal Common Share Financing And Concurrent $400 Million Private Placement Common Share Financing


Monday, 10 Dec 2012 03:42pm EST 

MEG Energy Corp announced that it has entered into agreements to offer a total of 24,246,212 MEG common shares at a price of CAD33.00 per share to raise gross proceeds of approximately CAD800 million. Under the agreements, 12,125,000 MEG common shares will be issued on a bought deal basis through a syndicate of underwriters co-led by BMO Capital Markets, Credit Suisse Securities (Canada), Inc., Barclays Capital Canada Inc. and RBC Capital Markets (the "Public Offering"). An additional 12,121,212 MEG common shares will be issued on a private placement basis at the same price of CAD33.00 per share to Caisse de depot et placement du Quebec (the "Caisse"), an existing shareholder of MEG (the "Private Placement"). Completion of the Public Offering and the Private Placement are each conditional on the completion of the other offering. The net proceeds of the Public Offering and the Private Placement, together with cash on hand and MEG's projected 2013 cash flow, are expected to fully fund MEG's 2013 capital budget.Under the Public Offering, the underwriters will purchase 12,125,000 MEG common shares for proceeds of approximately CDN$400 million. MEG has also granted the underwriters an over-allotment option to purchase, on the same terms, up to an additional 1,818,750 MEG common shares for proceeds of up to approximately $60 million. 

Company Quote

38.11
-0.4 -1.04%
15 Apr 2014