Apollo's Jupiter Resources flags debt offering to fund $2 bln Bighorn deal
Calgary's Jupiter Resources Inc, a portfolio company of U.S. private equity firm Apollo Global Management, has proposed a private offering of US$1.125 billion in senior notes to help fund its purchase of Encana Corp's Bighorn assets. Jupiter announced in June that it planned to pay Encana $2 billion to acquire the Bighorn natural gas properties in the Alberta Deep Basin. The unsecured notes ultimately will be guaranteed through an expected $1.5 billion senior secured reserve-based revolving credit facility that Jupiter intends to enter into near the close of the Bighorn deal. The acquisition is expected to be completed in the third quarter.
11 September 2014•4 mins read
