Husky Energy to raise funds for US refining operations
Published by Rosalie Starling,
Editor - Hydrocarbon Engineering
Hydrocarbon Engineering,
A number of major oil and gas producers have turned to raising money via the debt and equity markets following the collapse in oil prices. Most recently, Husky Energy has announced plans to raise US$750 million worth of new debt, following a US$150 million equity offering on 4 March. The US$750 million in notes, which are being offered through a syndicate of agents led by CIBC World Markets Inc., BMO Nesbitt Burns Inc. and HSBC Securities (Canada) Inc., will mature on 12 March 2025.
The net proceeds of the offering will be used for the partial repayment of short term debt incurred in connection with the company's US refining operations. Husky Energy owns 50% of the 160 000 bpd Toledo refinery in Ohio; the remaining 50% is owned by BP. The Toledo refinery is used to process crude from Husky’s other joint venture with BP, the Sunrise oilsands project near Cold Lake, Alta.
The 2025 notes will be issued under Husky's short form base shelf prospectus dated 23 February 2015 and filed with securities regulatory authorities in Canada. The offering is expected to close on 12 March 2015.
Edited from various sources by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/refining/11032015/husky-energy-to-raise-funds-for-us-refining-operations-413/
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