October 25, 2024
WHITECAP RESOURCES ANNOUNCES INAUGURAL OFFERING OF INVESTMENT GRADE SENIOR NOTES
NOT FOR DISTRIBUTION TO UNITED STATES NEWSIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that it has priced an offering of $400 million aggregate principal amount of senior unsecured notes due November 1, 2029 (the "Notes"). The Notes will be issued at par for gross proceeds of $400 million and will bear interest at a fixed rate of 4.382% per annum. The net proceeds will be used to repay existing indebtedness.
Whitecap recently announced a public investment grade credit rating of BBB (low), with a stable trend, issued by DBRS, Inc. ("Morningstar DBRS"), reflecting its strong credit profile and underpinned by its premium portfolio of drilling opportunities along with asset duration. The notes have also been assigned a provisional rating of BBB (low), with a stable trend, by Morningstar DBRS.
The Notes will be direct, unsecured obligations of the Company and will rank equally with all other present and future unsecured and unsubordinated indebtedness of the Company. The Notes are being offered in Canada on a private-placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation (the "Offering").
The Notes are being offered through a syndicate of agents including BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., ATB Securities Inc., Desjardins Securities Inc, and Merrill Lynch Canada Inc. The Notes are expected to be issued on or about November 1, 2024, subject to customary closing conditions.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes in any jurisdiction. The Notes have not been approved or disapproved by any regulatory authority. The Notes have not been and will not be qualified for distribution to the public under the securities laws of any province or territory of Canada and will only be sold to "accredited investors" under applicable Canadian securities laws. The Notes will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and will not be offered or sold within the United States.
For further information:
Grant Fagerheim, President & CEO
or
Thanh Kang, Senior Vice President & CFO
Whitecap Resources Inc.
3800, 525 – 8th Avenue SW
Calgary, AB T2P 1G1
(403) 266-0767
www.wcap.ca
InvestorRelations@wcap.ca
Refer to full press release for forward-looking statements and advisories.
