Normal Course Issuer Bid
Pursuant to the NCIB, NuVista will purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 18,190,261 common shares of the Corporation. The NCIB will become effective on
NuVista's intention to launch a share buyback program is consistent with its strategy to continue its disciplined growth concurrently with continuing with net debt reduction and the commencement of capital return to shareholders. The Corporation currently believes that the best method for return of capital to shareholders is through share repurchases under the NCIB.
The maximum number of common shares to be purchased pursuant to the NCIB represents 10% of the public float, as of
NuVista has entered into an automatic share purchase plan ("ASPP") with
As of the close of business on
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.
Credit Facility Incorporates Sustainability Linked Performance Features
The conversion of the Corporation's credit facility to a sustainability-linked loan (“SLL”) allows us to link our performance on key sustainability themes to our borrowing costs, whereby rates increase or decrease depending on whether we meet or miss the established annual sustainability performance targets ("SPTs") related to:
- A reduction of Scope 1 & 2 GHG Intensity;
- Increased spending on Asset Retirement Obligations, over and above the minimum
Alberta Energy Regulator established regulations as well as the number of well sites moved through the assessment and remediation process; and - Gender diversity at the Board of Directors level.
Successfully achieving these SPTs will result in a decrease to the ongoing costs of the SLL Facility, and conversely, NuVista will incur an increase to the ongoing costs if it fails to meet the SPTs. The SPTs are important to our business plan and corporate values while demonstrating our continuing commitment to the environment.
The SLL Credit Facility was structured in collaboration with CIBC and RBC as Co-Sustainability Structuring Agents. CIBC acted as Sole Bookrunner, Administrative Agent and Co-Sustainability Structuring Agent; while RBC acted as Co-Syndicate Agent and Co-Sustainability Structuring Agent for the transaction.
About NuVista
NuVista is an oil and natural gas company actively engaged in the exploration for, and the development and production of, oil and natural gas reserves in the province of
Forward-Looking Information
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" “forecast” and similar expressions are intended to identify forward-looking information or statements. In particular, and without limiting the foregoing, this news release contains forward-looking statements with respect to NuVista's intentions with respect to the NCIB, including the return of capital to shareholders, the timing for beginning purchases of common shares under the NCIB, the effects of repurchases of common shares under the NCIB, the anticipated effects of the SLL, and NuVista's ability to achieve the SPTs and anticipated outcomes thereof. Forward-looking statements or information are based on a number of material factors, expectations or assumptions of NuVista which have been used to develop such statements and information but which may prove to be incorrect. Although NuVista believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because NuVista can give no assurance that such expectations will prove to be correct. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and NuVista does not assume any obligation to publicly update or revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
FOR FURTHER INFORMATION CONTACT:
President and CEO | VP, Finance and CFO | Chief Operating Officer | |
(403) 538-8501 | (403) 538-8539 | (403) 538-1936 |
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