Velvet Energy raises $125 mln in notes, draws on private equity line
Canadian oil and gas company Velvet Energy Ltd has closed a private placement of US$125 million of senior secured second lien notes. Affiliates of FS Investments, GSO Capital Partners and CI Investments were the source of the financing, the proceeds of which will be used by Velvet to pay down debt and expand its Edson Ellerslie development program. The company also plans to draw $30 million on its private equity line to advance exploration initiatives. Last year, Calgary-based Velvet secured an additional $100 million commitment from its backers, Warburg Pincus, Trilantic Capital Partners and ZAM Ventures.
6 October 2016•4 mins read
