Chicago, Feb. 2 – Tamarack Valley Energy Ltd. sold C$200 million of 7¼% sustainability-linked notes due May 10, 2027, according to a press release.
The notes priced at par.
National Bank Financial Markets and RBC Capital Markets are the joint bookrunners and sustainability-linked bond structuring advisers.
Proceeds will be used to fund apportion of the purchase price for Tamarack’s previously announced acquisition of Crestywynd Exploration Ltd. and repay amounts outstanding under the company’s sustainability-linked credit facility.
The issuance of the notes eliminates the requirement for the previously announced separate and additional C$100 million credit facility from the existing syndicate.
The sustainable framework of the company focuses on the reduction of scope 1 and 2 emissions and indigenous workforce participation of 6% or greater by 2025. For the emission reduction, the rate will step up 75 basis points and 25 bps for the indigenous workforce participation from May 10, 2026.
Tamarack Valley Energy is an oil and gas exploration and production company based in Calgary, Alta.
| Issuer: | Tamarack Valley Energy Ltd.
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| Amount: | C$200 million
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| Issue: | Sustainability-linked notes
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| Maturity: | May 10, 2027
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| Bookrunners: | National Bank Financial Markets and RBC Capital Markets
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| Sustainability advisers: | National Bank Financial Markets and RBC Capital Markets
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| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
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| Trade date: | Feb. 2
|
| Settlement date: | Feb. 10
|
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