MEG Energy announces repayment of its US $ 100 million debt


CALGARY, AB, July 22, 2021 / CNW / – MEG Energy Corp. (“MEG” or the “Company”) (TSX: MEG) announced today that it has issued a redemption notice $ 100 million the aggregate principal amount of its 6.50% Senior Secured Senior Notes due 2025 (the “Senior Notes”) at a redemption price of 103.25%, plus accrued and unpaid interest up to at, but not including, the repayment date. The redemption is expected to be completed on or about 23 Aug 2021. Including the repurchase, MEG will have repurchased US $ 354 million from the original 750 million US dollars principal balance of the second rank notes, leaving $ 396 million principal outstanding balance.

MEG Energy Debt Repayment Press Release – July 22, 2021 (CNW Group / MEG Energy Corp.)

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities and does not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be illegal.

About MEG

MEG is an energy company focused on the sustainable production of thermal oil in situ in the south Athabasca region of Alberta, Canada. MEG is actively developing innovative enhanced oil recovery projects that use steam-assisted gravity drainage extraction methods to improve responsible, economical recovery of oil as well as lower carbon emissions. MEG transports and sells its thermal oil production to refiners through North America and internationally. MEG’s common shares are listed on the Toronto Stock Exchange under the symbol “MEG”.

Forward-looking information

Certain statements contained in this press release may constitute forward-looking statements within the meaning of applicable Canadian securities laws. These statements relate to future events or to the future performance of MEG. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe”, “dependent “,” Capacity “” plan “,” intention “,” target “,” potential “and similar expressions are intended to identify forward-looking statements. Forward-looking statements are often, but not always, identified by such words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-looking statements. In particular, and without limiting the foregoing, this press release contains forward-looking statements regarding the timing and successful completion of the repayment of the Senior Notes. This forward-looking information is based on certain assumptions and analyzes made by MEG in light of its experience and its perception of current conditions and expected future developments as well as other factors that it deems appropriate in the circumstances. However, the compliance of actual results, performance or achievements with MEG’s expectations and forecasts is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from MEG’s expectations. Further information regarding the assumptions and risks inherent in the formulation of forward-looking statements can be found in the most recent annual information form filed by MEG, as well as in other public information documents of MEG. Copies of MEG’s Annual Information Form and other public information documents are available on the Company’s website at www.megenergy.com/investisseurs and on the SEDAR website at www.sedar.com. The forward-looking information included in this press release is expressly qualified in its entirety by the foregoing cautions. Unless otherwise indicated, forward-looking information included in this press release is made as of the date of this press release and MEG assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, unless the law requires it. .

SOURCE MEG Energy Corp.

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