Tourmaline Oil Launches $250M Notes Offering

Tourmaline Oil (TSE:TOU) has released an update.

Tourmaline Oil Corp. has announced the private placement issuance of $250 million in senior unsecured notes at a 4.856% interest rate, due in 2027, to diversify capital sources and support its growth as a leading North American oil and gas producer. The offering, led by a syndicate including Scotia Capital Inc. and others, is aimed at repaying debt and pursuing corporate purposes, with a long-term net debt target set for 2024. The notes are expected to be issued by the end of May 2024, subject to standard closing conditions.

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