11:10 AM EDT, 09/05/2024 (MT Newswires) -- Surge Energy (SGY.TO) on Thursday said it closed its $175-million senior unsecured notes offering due 2029.

The notes bear interest at 8.5% annually and mature on September 5, 2029.

Concurrently, Surge repaid all amounts owing under its non-revolving second-lien term facility. The rest of the proceeds will be used to repay other debt, including amounts drawn under the revolving first-lien credit facility, related transaction expenses, and for general corporate purposes.

Surge has also increased its revolving first lien revolving credit facility by $40 million to $250 million, comprised of a committed revolving term facility of $200 million and an operating loan facility of $50 million with a syndicate of lenders. The facility is completely undrawn, providing it with significant liquidity.

Surge was last seen up $0.09 to $6.17 on the Toronto Stock Exchange.

Price: 6.18, Change: +0.10, Percent Change: +1.64