Southern Pacific Announces Private Offering, Updates Production at STP-McKay

By Midnight Trader,  January 11, 2013, 12:30:07 PM EDT

Southern Pacific Resource Corp. (STP.TO) announced that it intends to issue, on a private placement basis, up to $300 million in aggregate principal amount of senior secured second lien notes, if terms and conditions appear favourable.

Southern Pacific intends to use the net proceeds to retire its debt obligations under its existing US$272.2 million second lien term loan facility (including a prepayment penalty of US$2.7 million) and for general corporate purposes.

Southern Pacific also announced that bitumen production at the STP-McKay Thermal Project, located 45 km northwest of Fort McMurray, continues to increase. For the first seven days of January this year, the estimated average bitumen production rate was approximately 1,620 barrels per day (bbl/d), up 35% from December's average rate of approximately 1,200 bbl/d.

STP shares rose two cents to $1.25 on volume of 1.32 million.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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