Teine Energy, one of Canada's largest privately held energy companies, is planning to launch a $400 million private offering of senior notes.
Teine intends to use the net proceeds to redeem in full the company’s outstanding $350 million in senior unsecured notes, to repay the outstanding borrowing under Teine's credit facilities.
Teine is a Calgary-based exploration, development and production company focused on acquiring and developing oil and natural gas properties in the Western Canadian Sedimentary Basin. Approximately 90 percent of Teine's production is weighted toward oil and natural gas liquids.
In Canada, the notes are to be offered and sold on a private placement basis in certain provinces.