CALGARY, Alberta, Feb. 26, 2018 (GLOBE NEWSWIRE) -- NuVista Energy Ltd. (“NuVista” or the “Company”) (TSX:NVA) is pleased to announce that it intends to undertake, subject to market and other conditions, a proposed private placement of senior unsecured notes (the "Notes"), in the amount of $150 million (the "Offering"). Subject to the completion of the Offering, NuVista intends to use the net proceeds of the Offering to reduce indebtedness and for general corporate purposes, including the ongoing development of NuVista’s high quality condensate-rich Wapiti Montney assets.
This issuance is commensurate with the increasing size and maturity profile of the Company’s strong Montney reserves position as reflected in our recently released year end 2017 reserves report.
CIBC Capital Markets and RBC Capital Markets are acting as joint-bookrunners for the proposed Offering.
The Notes will not be qualified for distribution to the public under the securities laws of any province or territory of Canada and will only be offered in Canada pursuant to applicable private placement exemptions.
Forward-Looking Information and Statements
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" “forecast” and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: the completion of the Offering on the terms anticipated, or at all; and the anticipated use of proceeds of the Offering.
Forward-looking statements or information are based on a number of material factors, expectations or assumptions of NuVista which have been used to develop such statements and information but which may prove to be incorrect. Although NuVista believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because NuVista can give no assurance that such expectations will prove to be correct.
The forward-looking information and statements contained in this news release speak only as of the date of this news release, and NuVista does not assume any obligation to publicly update or revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
FOR FURTHER INFORMATION CONTACT:
Jonathan A. Wright
President and CEO
Ross L. Andreachuk
VP, Finance and CFO
Mike J. Lawford
Chief Operating Officer