CALGARY, AB, July 22, 2021 /CNW/ - MEG Energy Corp. ("MEG" or
the "Company") (TSX: MEG) announced today that it has issued a
notice to redeem US$100 million
aggregate principal amount of its 6.50% senior secured second lien
notes due 2025 (the "Second Lien Notes") at a redemption price of
103.25%, plus accrued and unpaid interest to, but not including,
the redemption date. The redemption is expected to be
completed on or about August 23,
2021. Inclusive of the redemption, MEG will have redeemed
US$354 million of the original
US$750 million principal balance of
the Second Lien Notes, leaving US$396
million principal balance outstanding.
This news release does not constitute an offer to sell, or a
solicitation of an offer to buy, any security and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such an offer, solicitation, or sale would be unlawful.
About MEG
MEG is an energy company focused on sustainable in situ thermal
oil production in the southern Athabasca region of Alberta, Canada. MEG is actively developing
innovative enhanced oil recovery projects that utilize
steam-assisted gravity drainage extraction methods to improve the
responsible economic recovery of oil as well as lower carbon
emissions. MEG transports and sells its thermal oil production to
refiners throughout North America
and internationally. MEG's common shares are listed on the Toronto
Stock Exchange under the symbol "MEG".
Forward-Looking Information
Certain statements contained in this news release may constitute
forward-looking statements within the meaning of applicable
Canadian securities laws. These statements relate to future events
or MEG's future performance. All statements other than statements
of historical fact may be forward-looking statements. The use of
any of the words "anticipate", "continue", "estimate", "expect",
"may", "will", "project", "should", "believe", "dependent",
"ability" "plan", "intend", "target", "potential" and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements are often, but not always, identified by
such words. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. In particular, and without limiting the
foregoing, this news release contains forward-looking statements
with respect to the timing and successful completion of the
redemption of the Second Lien Notes. Such forward-looking
information is based on certain assumptions and analysis made by
MEG in light of its experience and perception of current conditions
and expected future developments as well as other factors it
believes are appropriate in the circumstances. However, whether
actual results, performance or achievements will conform to MEG's
expectations and predictions is subject to a number of known and
unknown risks and uncertainties which could cause actual results to
differ materially from MEG's expectations. Further information
regarding the assumptions and risks inherent in the making of
forward-looking statements can be found in MEG's most recently
filed Annual Information Form ("AIF"), along with MEG's other
public disclosure documents. Copies of the AIF and MEG's other
public disclosure documents are available through the Company's
website at www.megenergy.com/investors and through the SEDAR
website at www.sedar.com. The forward-looking information
included in this news release is expressly qualified in its
entirety by the foregoing cautionary statements. Unless otherwise
stated, the forward-looking information included in this news
release is made as of the date of this news release and MEG assumes
no obligation to update or revise any forward-looking information
to reflect new events or circumstances, except as required by
law.
SOURCE MEG Energy Corp.