whitecap resources inc. announces closing senior secured notes and provides operational update

May 31, 2017

WHITECAP RESOURCES INC. ANNOUNCES CLOSING OF SENIOR SECURED NOTES AND PROVIDES OPERATIONAL UPDATE 

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that it has closed an issuance of Cdn$200 million senior secured notes which have an annual coupon rate of 3.54% and mature in 7 years on May 31, 2024. The notes were issued by way of a private placement, pursuant to a note purchase agreement and rank equally with Whitecap’s obligations under its bank facilities. Proceeds from the notes will be used to repay a portion of Whitecap’s outstanding bank debt.

Whitecap has now secured $400 million of term debt at very attractive long-term fixed interest rates that mature in five and seven years. These notes, combined with the bank credit facility of $900 million, provide Whitecap with $1.3 billion of total borrowing capacity. Whitecap continues to maintain a strong balance sheet with an estimated 2017 net debt to funds flow ratio of under 1.5 times based on current strip pricing.

The senior secured notes may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended, or an exemption from such registration. Whitecap has not registered and will not register the senior secured notes under the U.S. Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the senior secured notes in any state in which such offer, solicitation or sale would be unlawful.

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