Latest news with #SeniorUnsecuredNotes
Yahoo
3 days ago
- Business
- Yahoo
Obsidian Energy Announces Notice of Partial Redemption for $30 Million of Our Outstanding Senior Unsecured Notes
Calgary, Alberta--(Newsfile Corp. - August 18, 2025) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") today announced that we issued a notice to holders of our 11.95 percent Senior Unsecured Notes due July 27, 2027 (the "Notes") of our election to redeem, on a pro rata basis, $30.0 million of the $110.8 million aggregate principal amount of the Notes currently outstanding (the "Redemption Notice"). "The Company's strong balance sheet and liquidity position is enabling us to pay down a portion of our outstanding Notes thereby reducing our go forward interest expense," commented Stephen Loukas, Obsidian Energy's President and CEO. As outlined in the Redemption Notice, the redemption date is August 29, 2025 (the "Redemption Date") and the Notes will be redeemed based on a redemption price of $1,029.88 per $1,000 principal amount of the redeemed Notes (or 102.988 percent of principal amount), plus accrued and unpaid interest thereon up to, but not including the Redemption Date. The Company intends to use available liquidity to pay the redemption price of the redeemed Notes. All interest on the redeemed Notes shall cease from and after the Redemption Date. Upon completion of the redemption, the Company will have $80.8 million of Notes outstanding and the maximum amount of any semi-annual free cash flow offer required to be made under the trust indenture, which governs the Notes (the "Indenture"), will be $17.0 million. Formal notice of redemption is being delivered to the registered holders of the Notes through Computershare Trust Company of Canada ("Computershare"), the trustee under the Indenture, in accordance with the Indenture. Registered holders of the Notes may also obtain a copy of the Redemption Notice from Computershare by telephone at 1-800-564-6253 or email at corporateactions@ Payment of the redemption price and surrender of the Notes for redemption will be made through Computershare on the Redemption Date. Non-registered holders of Notes should contact their broker or other intermediary for information regarding the redemption process for the Notes in which they hold a beneficial interest. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. About Obsidian Energy Obsidian Energy is an intermediate-sized oil and gas producer with a well-balanced portfolio of high-quality assets, primarily in the Peace River, Willesden Green and Viking areas in Alberta. The Company's business is to explore for, develop and hold interests in oil and natural gas properties and related production infrastructure in the Western Canada Sedimentary Basin. Obsidian Energy shares are listed on both the Toronto Stock Exchange in Canada and the NYSE American exchange in the United States under the symbol "OBE". All figures are in Canadian dollars unless otherwise stated. ADDITIONAL READER ADVISORIES FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this news release contains forward-looking statements and information concerning: the terms and conditions of our Redemption Notice; our expectations for our go forward interest expense and uses of our available liquidity; the ability to complete the Note redemption described above, and the Redemption Date; and our outstanding amount of Notes and maximum amount of any semi-annual free cash flow offer after the redemption. The forward-looking statements and information are based on certain key expectations and assumptions made by Obsidian Energy. Although Obsidian Energy believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Obsidian Energy can give no assurance that they will prove to be correct. By its nature, such forward-looking statements and information are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include but are not limited to: risks related to the successful completion of the redemption of the Notes; the risk of a downgrade in the Company's credit ratings and the potential impact on the Company's access to capital markets and other sources of liquidity; fluctuations in currency and interest rates; and changes in or interpretation of laws or regulations. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are cautioned that the assumptions used in the preparation of such forward-looking statements and information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on such forward-looking statements and information. Obsidian Energy gives no assurance that any of the events anticipated will transpire or occur, or, if any of them do, what benefits Obsidian Energy will derive from them. The forward-looking statements and information contained in this news release are expressly qualified by this cautionary statement. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein. Readers should also carefully consider the matters discussed that could affect Obsidian Energy, or its operations or financial results in Obsidian Energy's Annual Information Form (see "Risk Factors" and "Forward-Looking Statements" therein) for the year ended December 31, 2024, which is available on the SEDAR+ website ( EDGAR website ( or Obsidian Energy's website ( CONTACT OBSIDIAN ENERGY Suite 200, 207 - 9th Avenue SW, Calgary, Alberta T2P 1K3Phone: 403-777-2500Toll Free: 1-866-693-2707Website: Investor Relations:Toll Free: 1-888-770-2633Email: To view the source version of this press release, please visit
BusinessToday
6 days ago
- Business
- BusinessToday
Genting US Subsidiary To Dispose Non-Gaming Assets For RM2.2 Billion
Credit: Genting Malaysia Genting Malaysia Berhad has announced that its wholly-owned US subsidiary, Empire Resorts Inc., will enhance its capital structure and financial position which involves selling non-gaming assets, acquiring land, and redeeming a substantial bond. The multi-part proposal includes the Proposed Disposal of Empire's non-gaming assets to the Sullivan County Resort Facilities Local Development Corporation (SCRFLDC) for a cash consideration of USD525 million (approximately RM2.2 billion). The assets being sold include the Resorts World Catskills hotel, the Alder Hotel, a golf course, event space, and restaurants. The group said tthe proceeds from the disposal will be used to achieve two key objectives for Empire: Debt Redemption: Empire will fully redeem its USD300 million (RM1.3 billion) Senior Unsecured Notes, a move that will make the company debt-free. Land Acquisition: Empire will purchase 1,554.6 acres of land from EPR Properties for USD201.3 million (RM848.1 million). This includes the land on which the casino and the sold non-gaming assets are located, as well as an additional 1,134.6 acres of vacant land with future development potential. The company stated that this will strengthen its asset base and provide long-term control over its property without the burden of debt. Despite the sale of its non-gaming assets, Empire will continue to manage them through a new 20-year management agreement with SCRFLDC, with the possibility of two five-year extensions. The company will also enter into a long-term land lease with SCRFLDC for the non-gaming assets, extending until February 15, 2066. The proposal is expected to enhance Empire's cost structure by eliminating lease payments to EPR and extinguishing interest on the redeemed bond. This is anticipated to generate a surplus of approximately USD10 million (RM42.1 million) for general working capital.
Yahoo
08-08-2025
- Business
- Yahoo
Global Partners LP (GLP) Q2 2025 Earnings Call Highlights: Navigating Challenges with Strategic ...
Net Income: $25.2 million for Q2 2025, down from $46.1 million in Q2 2024. EBITDA: $95.7 million for Q2 2025, compared to $118.8 million in Q2 2024. Adjusted EBITDA: $98.2 million for Q2 2025, down from $121.1 million in Q2 2024. Distributable Cash Flow (DCF): $52 million for Q2 2025, compared to $73.1 million in Q2 2024. Adjusted DCF: $52.3 million for Q2 2025, down from $74.2 million in Q2 2024. GDSO Product Margin: Decreased by $13.6 million to $207.9 million in Q2 2025. Gasoline Distribution Product Margin: Decreased by $9.4 million to $137.9 million in Q2 2025. Station Operations Product Margin: Decreased by $4.2 million to $70 million in Q2 2025. Site Count: 1,553 sites at quarter end, 42 fewer than the prior year. Wholesale Segment Product Margin: $91.7 million for Q2 2025. Operating Expenses: Increased by $5.7 million to $135.7 million in Q2 2025. SG&A Expenses: Increased by $2.4 million to $74.7 million in Q2 2025. Interest Expense: $34.5 million in Q2 2025, down $1 million from the previous year. Capital Expenditures (CapEx): $15 million in Q2 2025, with $9.9 million in maintenance and $5.1 million in expansion. Leverage Ratio: 3.5 times funded debt to EBITDA as of June 30, 2025. Senior Unsecured Notes Offering: $450 million with a 7.18% interest rate, maturing in 2033. Warning! GuruFocus has detected 4 Warning Sign with GLP. Release Date: August 07, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Global Partners LP (NYSE:GLP) delivered strong second-quarter results, with net income increasing by 8%, adjusted EBITDA by 7%, and adjusted DCF by 9% year-over-year. The company approved a quarterly cash distribution of $0.75 per unit, marking the 15th consecutive increase. Recent terminal acquisitions have expanded GLP's reach and strengthened its presence in key markets, providing a stronger platform for long-term unit holder value and future M&A opportunities. GLP's diversified platform and disciplined execution have been key to its ability to perform well in a dynamic market. The company successfully completed an upsized private offering of $450 million senior unsecured notes, strengthening its balance sheet and extending its debt maturity profile. Negative Points Net income for the second quarter was $25.2 million, a significant decrease from $46.1 million in the same quarter last year. The GDSO product margin decreased by $13.6 million due to lower site count and adverse weather conditions in the Northeast. Operating expenses increased by $5.7 million, primarily related to terminal operations and additions of new terminals. The company faced a challenging comparison with the previous year's second quarter due to outsized wholesale segment results in 2024. There was a decrease in the product margin from gasoline distribution by $9.4 million, attributed to lower fuel volumes and adverse weather impacts. Q & A Highlights Q: Can you quantify the impact of the weather on the quarter's performance? A: Gregory Hanson, CFO, explained that while they attempted to quantify the impact in various ways, it was difficult to pinpoint an exact number. However, the weather was materially impactful, particularly in May and early June, with record rain affecting sales and fuel volumes. Q: How close are you to completing the rationalization of your site portfolio? A: Gregory Hanson, CFO, stated that they are satisfied with the current site count and do not anticipate significant further reductions. They conduct annual reviews to assess site sustainability and fit within their operating model, with only a handful of sites potentially up for conversion or divestment. Q: Is the strength in CPG tied to recent terminal acquisitions? A: Gregory Hanson, CFO, clarified that the strength in cents per gallon (CPG) is independent of terminal acquisitions. The wholesale segment benefits from supply advantages and vertical integration, while the GDSO segment reflects pure cents per gallon numbers. Q: Can you comment on the acquisition outlook and current market conditions? A: Eric Slifka, CEO, noted that bid-ask spreads remain wide, particularly on the terminal side. The retail side remains active, with some opportunities present, but the market conditions are challenging. Q: What were the main factors affecting the product margin in the wholesale segment? A: Gregory Hanson, CFO, mentioned that the decrease in product margin from gasoline and gasoline blend stocks was due to less favorable marketing conditions. However, this was partially offset by terminal acquisitions from Gulf Oil and ExxonMobil. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
31-07-2025
- Business
- Yahoo
Obsidian Energy Announces Launch of an Offer to Purchase up to $48.4 Million of Our Outstanding Senior Unsecured Notes
Calgary, Alberta--(Newsfile Corp. - July 31, 2025) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") today announced that we have commenced an offer (the "Offer") to purchase for cash, up to an aggregate amount of $48.4 million (the "Maximum Purchase Consideration") of our outstanding 11.95 percent Senior Unsecured Notes due July 27, 2027, ISINs CA674482AA25 (Restricted), CA674482AB08 (144A) and CA674482AC80 (Regulation D), CUSIP Nos. 674482AA2 (Restricted), 674482AB0 (144A) and 674482AC8 (Regulation D) (the "Notes"), as disclosed in our second quarter 2025 results. As of July 31, 2025, $112.2 million aggregate principal amount of Notes were outstanding. The Offer is being made pursuant to an offer to purchase (the "Offer to Purchase") and a related letter of transmittal, each dated July 31, 2025, and a notice of guaranteed delivery. The Offer will expire at 5:00 p.m., Eastern Daylight Time, on August 12, 2025, unless extended. Tendered Notes may be withdrawn at any time before the expiry of the Offer. Subject to possible proration as described in the Offer to Purchase, holders of Notes that are validly tendered and accepted at or prior to the expiry of the Offer, or who deliver to the tender agent a properly completed and duly executed notice of guaranteed delivery and subsequently deliver such Notes, each in accordance with the instructions described in the Offer to Purchase, will receive total cash consideration of $1,030 per $1,000 principal amount of Notes, plus any accrued and unpaid interest up to, but not including, the settlement date, which is expected to occur on August 15, 2025. The consummation of the Offer and the Company's obligation to accept for purchase, and to pay for, Notes validly tendered (and not validly withdrawn) pursuant to the Offer are subject to the satisfaction of or waiver of certain conditions as set forth in the Offer to Purchase. The Offer is not conditional on any minimum amount of Notes being tendered. Obsidian Energy may amend, extend or terminate the Offer, or increase the Maximum Purchase Consideration, at its sole discretion. If the aggregate purchase price for Notes validly tendered (and not validly withdrawn) pursuant to the Offer would result in an aggregate purchase price in excess of the Maximum Purchase Consideration, the Company intends to accept the Notes for purchase on a pro rata basis such that the aggregate principal amount of Notes accepted for purchase pursuant to the Offer is no greater than the Maximum Purchase Consideration. The Offer is being made pursuant to the terms and conditions contained in the Offer to Purchase, related letter of transmittal and notice of guaranteed delivery. Copies of these documents may be obtained from Computershare Investor Services Inc., the tender agent for the Offer, by telephone at 1-800-564-6253 or email at corporateactions@ This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. ADDITIONAL READER ADVISORIES FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this news release contains forward-looking statements and information concerning: the consummation of the Offer described above, the Maximum Purchase Consideration and the terms and timing of the Offer. The forward-looking statements and information are based on certain key expectations and assumptions made by Obsidian Energy. Although Obsidian Energy believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Obsidian Energy can give no assurance that they will prove to be correct. By its nature, such forward-looking statements and information are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include but are not limited to: risks related to the successful consummation of the Offer; the risk of a downgrade in the Company's credit ratings and the potential impact on the Company's access to capital markets and other sources of liquidity; fluctuations in currency and interest rates; and changes in or interpretation of laws or regulations. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are cautioned that the assumptions used in the preparation of such forward-looking statements and information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on such forward-looking statements and information. Obsidian Energy gives no assurance that any of the events anticipated will transpire or occur, or, if any of them do, what benefits Obsidian Energy will derive from them. The forward-looking statements and information contained in this news release are expressly qualified by this cautionary statement. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein. Readers should also carefully consider the matters discussed that could affect Obsidian Energy, or its operations or financial results in Obsidian Energy's Annual Information Form (see "Risk Factors" and "Forward-Looking Statements" therein) for the year ended December 31, 2024, which is available on the SEDAR+ website ( EDGAR website ( or Obsidian Energy's website. Obsidian Energy shares are listed on both the Toronto Stock Exchange in Canada and the NYSE American exchange in the United States under the symbol "OBE". CONTACT TENDER AGENT Computershare Investor Services 1-800-564-6253Email: corporateactions@ OBSIDIAN ENERGYSuite 200, 207 - 9th Avenue SW, Calgary, Alberta T2P 1K3Phone: 403-777-2500Toll Free: 1-866-693-2707Website: Investor Relations: Toll Free: 1-888-770-2633Email: To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
31-07-2025
- Business
- Yahoo
Stag Industrial Inc (STAG) Q2 2025 Earnings Call Highlights: Strong Leasing Performance and ...
Core FFO per Share: $0.63 for the quarter, a 3.3% increase compared to last year. Net Debt to Adjusted EBITDA: 5.1 times. Liquidity: $961 million at quarter end. Leases Commenced: 32 leases totaling 4.2 million square feet. Cash Leasing Spreads: 24.6% for commenced leases. Retention Rate: 75.3% for the quarter. Same-Store Cash NOI Growth: 3% for the quarter, 3.2% year-to-date. Moody's Credit Rating: Upgraded to BAA2 with a stable outlook. Senior Unsecured Notes: $550 million funded with a weighted average fixed interest rate of 5.65%. Cash Credit Loss: Approximately 17 basis points through June 30. Guidance for Core FFO per Share: Revised to $2.48 to $2.52 per share. Warning! GuruFocus has detected 6 Warning Signs with STAG. Release Date: July 30, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Stag Industrial Inc (NYSE:STAG) achieved a high leasing rate of 90.8% for its operating portfolio, with cash leasing spreads of 24.5%. The company reported a 3.3% increase in Core FFO per share compared to the previous year, reaching $0.63 for the quarter. Liquidity remains strong at $961 million, providing financial flexibility for future operations and investments. Moody's Investor Services upgraded STAG's corporate credit rating to BAA2 with a stable outlook, reflecting the company's financial strength. STAG has a robust development pipeline with approximately 3 million square feet of activity, indicating future growth potential. Negative Points The transaction market has been slow, although there are positive indicators of increased activity. Some markets, such as bulk distribution areas like Indianapolis and Columbus, are experiencing weaker leasing demand. The company has experienced an average occupancy loss of 90 basis points, impacting same-store NOI growth. There are concerns about tariff uncertainties affecting certain border markets like El Paso. The acquisition guidance remains wide, indicating uncertainty in the volume of future acquisitions. Q & A Highlights Q: Bill, could you walk through which markets are showing early signs of recovery in leasing versus those that are lagging? A: The Midwest markets like Minneapolis, Milwaukee, Louisville, Detroit, Cleveland, and Nashville are performing well. Houston is also doing well. However, bulk distribution markets such as Indianapolis, Columbus, and Memphis are weaker. Border markets like El Paso face short-term uncertainty due to tariffs but have medium-term potential. - William Crooker, CEO Q: Could you discuss the competition from well-funded users like Samsung and its impact on your markets? A: We are seeing user sales, which are attractive in terms of cap rates and pricing. This trend is beneficial as it reduces market vacancy, particularly in onshore manufacturing markets like the Midwest, Southeast, and Texas. - William Crooker, CEO Q: Are there specific markets or asset types with stubborn vacancy or more downtime? A: Vacancy rates vary by building type and market. Smaller buildings may have lower vacancy rates, while larger ones can be higher. Lease-up times have increased to about 12 months on average, but we are still in a good position overall. - William Crooker, CEO Q: What does the acquisition pipeline consist of, and how is it improving? A: The pipeline is similar to the past, with 60% one-off assets, 20-30% portfolios, and some development deals. The market has become more active recently, and the bid-ask spread is narrowing, indicating a healthier transaction environment. - Michael Chase, CIO Q: How does the recent credit upgrade impact your borrowing costs and future debt plans? A: The upgrade may provide modest benefits in the private placement market and sets us up for potential public bond issuance. We plan to work with S&P to achieve an investment-grade rating, which will allow us to access the public bond market. - Matts Pinard, CFO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
