MEG Energy Corp. announced that it has successfully closed its previously announced comprehensive refinancing plan, comprised of four financing transactions. The Transactions are expected to support a strengthened balance sheet, as well as increased production and reduced costs, through an expansion of the company’s growth program. The refinancing plan retains the covenant-lite flexibility of the company’s current debt structure. An extension of the maturity date on substantially all of the commitments under the company's covenant-lite revolving credit facility to November 2021. The commitment amount of the five year facility is USD 1.4 billion, it has no financial covenants and is not subject to any borrowing base redetermination. MEG’s USD 1.2 billion term loan was successfully refinanced to extend its maturity from March 2020 to December 2023. The refinanced term loan will bear interest at an annual rate of LIBOR + 3.50% with a LIBOR floor of 1%. The term loan was issued at a price equal to 99.75% of its face value. MEG’s existing USD 750 million of unsecured notes due March 2021 were successfully refinanced and extended with new 6.5% second lien secured notes, issued at par, due January 2025. The existing 2021 notes will be redeemed with the proceeds from the second lien notes on March 15, 2017; and USD 518 million of equity was successfully raised in the form of subscription receipts on a bought deal basis from a syndicate of underwriters. The escrow release conditions for the subscription receipt offering have now been satisfied and subscription receipts will convert into common shares with no further action on the part of holders.