Tourmaline Oil Corp. had agreed to issue $250 million aggregate principal amount of senior unsecured notes due March 16, 2031 (the "Notes"). The Notes would be issued at par for aggregate gross proceeds of $250 million and would bear interest at a fixed rate of 3.934% per annum, payable semi-annually on the 16th day of March and September of each year, commencing on September 16, 2026.
The Notes had been assigned a provisional rating of BBB (High), with a stable trend, by DBRS Limited (Morningstar DBRS). The Notes would be direct, unsecured obligations of Tourmaline and would rank equally with all other present and future unsecured and unsubordinated indebtedness of the Company. The Notes were being offered in Canada on a private-placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation (the "Offering").
The Notes, offered on a best-efforts basis through a syndicate of agents co-led by Scotiabank, CIBC Capital Markets and National BankCapital Markets, were expected to be issued on or about March 16, 2026, subject to customary closing conditions. The net proceeds of the Offering would be used to repay existing indebtedness and for general corporate purposes. The Company had set a long-term net debt target of $1.75 billion (approximately 0.5x net debt to cash flow).
