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BRIEF-MEG Energy announces refinancing plan including extended 5 year covenant-lite revolving credit facility
January 11, 2017 / 9:24 PM / in 6 months

BRIEF-MEG Energy announces refinancing plan including extended 5 year covenant-lite revolving credit facility

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Jan 11 (Reuters) - Meg Energy Corp :

* Meg energy announces comprehensive refinancing plan including an extended 5 year covenant-lite revolving credit facility, a cdn$357 mm equity financing and a return to growth 2017 capital budget

* Says is targeting 2017 average production of 80,000 to 82,000 bpd

* Meg's existing us$750 million of unsecured notes due 2021 will be refinanced and extended with new second lien indebtedness

* Meg energy corp says us$1.2 billion term loan will be refinanced to extend its maturity

* Meg energy corp - $590 million capital budget for 2017 focused on funding approximately 20,000 barrels per day of highly economic emsagp production growth

* Meg energy corp says net proceeds from offering will be used to partially fund company's 2017 $590 million capital budget

* Meg energy corp says to sell 46 million subscription receipts of meg at a price of $7.75 per subscription receipt

* Says related non-energy operating costs for 2017 are anticipated to be in range of $5.75 to $6.75 per barrel

* Meg energy -expects to fund 2017 capital budget with net proceeds of its $357 million equity issuance, 2017 cash flow from operations, and cash on hand Source text for Eikon: Further company coverage:

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