05:03 PM EDT, 05/28/2024 (MT Newswires) -- Tourmaline Oil (TOU.TO) on Tuesday said it is raising $250 million in an issue of senior unsecured notes due May 30, 2027.

The Western Canadian oil and gas producer said the notes carry an interest rate of 4.856% and will be issued at par.

"Tourmaline continues its strategy of diversifying its sources of low-cost capital and continuing its progression as one of the largest, most efficient producers of oil and gas in North America," the company said.

The Notes have been assigned a provisional rating of BBB (High), with a stable trend, by DBRS.