Daylight Resources to offer C$150 mln in debentures
Canadian oil and natural gas trust Daylight Resources Trust said it will publicly offer C$150 million in debentures, and will use the proceeds partly to reduce debt.
The trust said it reached an agreement with a syndicate of underwriters, co-led by GMP Securities LP and CIBC World Markets Inc, to offer 150,000 convertible unsecured subordinated debentures on a bought deal basis at C$1,000 a piece.
Daylight said it will also use some of the proceeds for general corporate purposes, including the future funding of acquisitions and expanded capital programs focused on its repeatable resource plays.
The Calgary, Alberta-based company's units closed at C$9.24 Tuesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Aradhana Aravindan)
© Copyright Thomson Reuters 2024. All rights reserved.