By Lisa Kerner
Charlotte, N.C., Sept. 10 - Caledonian Royalty Corp. announced it privately placed 7½% senior secured first-lien notes due 2016 for gross proceeds of C$48 million.
Scotiabank acted as placement agent.
The proceeds will be used for debt repayment and general corporate purposes, according to a company news release.
The notes will be secured by first-priority liens on the collateral, paying interest on a monthly basis, the company said.
Caledonian is a private Calgary, Alta.-based oil and gas company focusing on the strategic acquisition of oil and gas royalties and non-operating working interests in Western Canada.
| Issuer: | Caledonian Royalty Corp.
|
| Issue: | Senior secured first-lien notes
|
| Amount: | C$48 million
|
| Maturity: | Aug. 31, 2016
|
| Coupon: | 7½%
|
| Placement agent: | Scotiabank
|
| Announcement date: | Sept. 10
|
| Distribution: | Private placement
|
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