PE-backed Seven Generations Energy raises $251 mln in equity, expands debt facility
Seven Generations Energy Ltd., an oil and gas developer based in Calgary, has raised equity financing in the gross amount of $251 million from offerings to institutional and individual investors, as well as management and employees. Net proceeds will be used to finance the drilling, completion and associated infrastructure investments to enable growth of the company's Kakwa River Project near Grande Prairie, Alberta. Seven Generations has also increased its debt capacity from $60 million to $150 million through its existing revolving credit facility. Backed by private equity firms since 2008, the company's major investors include ARC Financial Corp, Canada Pension Plan Investment Board, KERN Partners and Natural Gas Partners.
20 December 2013•4 mins read
