Enerplus Corp. (ERF,ERF.TO) announced that it has priced a proposed offering of senior unsecured notes to be issued on a private placement basis in the United States and Canada with an aggregate principal amount of approximately US$405 million.
The company said that the notes to be issued pursuant to the Private Placement are scheduled to be issued in three separate tranches.
The Private Placement will be US$355 million at 4.40% with a 12 year amortizing term with principal payments required in five equal annual instalments beginning in 2020; US$20 million at 4.40% with a 10 year bullet term;C$30 million at 4.34% with a 7 year bullet term.
The company said the notes issued pursuant to the Private Placement will be unsecured and rank equally with our bank credit facility and other outstanding senior notes. The Private Placement is expected to close on or about May 15 , 2012.
The company noted that it intend to use the proceeds of the Private Placement to repay advances on its bank credit facility.
Citigroup Global Markets Inc. acted as the exclusive placement agent in connection with the proposed Private Placement.
by RTT Staff Writer
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