CALGARY, March 18 /PRNewswire/ - MEG Energy Corp. ("MEG"
or the "Corporation") (TSX: MEG) today announced that it has
refinanced its US$41.5 million senior
secured term loan B, US$957.9 million
term loan D and US$200 million
revolving credit facilities. The Corporation has incurred
US$1.0 billion under a new senior
secured term loan facility and will have access to a US$500 million senior secured revolving credit
facility. The new term loan facility matures on March 18, 2018 and bears a floating interest rate
based on either US prime or the London Interbank Offer Rate ("LIBOR"), at the
Corporation's option, plus a credit spread of 200 or 300 basis
points, respectively. The US$500
million revolving facility matures on March 18, 2016 and is currently undrawn.
In conjunction with the refinancing, MEG has
entered into a Second Amended and Restated Credit Agreement (the
"Amended and Restated Credit Agreement") with Barclays Capital, the
investment banking division of Barclays Bank PLC, Credit Suisse
Securities (USA) LLC and BMO
Capital Markets, the investment division of Bank of Montreal, as joint lead arrangers, Barclays
Capital, Credit Suisse Securities (USA) LLC, BMO Capital Markets and Morgan
Stanley Senior Funding, Inc., as joint bookrunners, Bank of
Montreal, as revolving
administrative agent, and Barclays Bank PLC, as administrative
agent and collateral agent.
About MEG
MEG is focused on sustainable in situ oil
sands development and production in the southern Athabasca region of Alberta, Canada. MEG is actively
developing enhanced oil recovery projects that utilize SAGD
extraction methods.
SOURCE MEG Energy Corp.
