WEF-backed Strathcona unveils $500m senior notes offering

Strathcona Resources, which is backed by Canadian private equity firm Waterous Energy Fund, has launched a private offering of $500 million of senior notes to repay a portion of outstanding borrowings.

Strathcona Resources, which is backed by Canadian private equity firm Waterous Energy Fund, has launched a private offering of $500 million of senior notes to repay a portion of outstanding borrowings. Strathcona, a Calgary-based oil and gas company, was earlier this year merged with Osum Oil Sands by Waterous.

PRESS RELEASE

CALGARY, AB, July 13, 2021 /PRNewswire/ – Strathcona Resources Ltd. (“Strathcona”) announced today that it is planning to commence, subject to market and other conditions, a private offering (the “Offering”) under Rule 144A and Regulation S of the U.S. Securities Exchange Act of 1933, as amended (the “U.S. Securities Act”), to eligible purchasers, of U.S.$500 million in aggregate principal amount of senior unsecured notes due 2026 (the “Notes”).

Strathcona intends to use the net proceeds from this Offering, if completed, to repay a portion of the outstanding borrowings under its revolving credit facility and operating facility without cancelling the revolving commitments thereunder and repay a portion of the outstanding borrowings under its term loan facility.

The offer and sale of the Notes have not been registered under the U.S. Securities Act or any United States state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. The Notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A and non U.S. persons outside the United States in compliance with Regulation S under the U.S. Securities Act. In Canada, the offer and sale of the Notes have not been qualified for distribution to the public under a prospectus and the Notes will only be offered and sold pursuant to an applicable private placement exemption in certain provinces of Canada. This news release shall not constitute an offer to sell, or a solicitation of an offer to buy, the Notes or any other security and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful.

About Strathcona Resources Ltd.
Strathcona is a Calgary-based private, oil-weighted company focused on the exploration, development and production of oil and gas resources in Western Canada. Strathcona is 100% owned by its private-equity sponsor, Waterous Energy Fund, and Strathcona employees.