CALGARY, May 27 /CNW/ - Gibson Energy ULC ("Gibson") today announced that
it has successfully completed its previously announced offering of U.S.$560
million of 11.75% First Lien Senior Secured Notes due 2014 (the "Notes"). The
Notes were issued at 97.2706% of the aggregate principal amount to yield
12.50%. Gibson used the net proceeds from the offering, together with cash on
hand, to repay in full its existing U.S.$545 million bridge loans, to pay the
accrued interest on the bridge loans and to pay the fees and expenses in
connection with the offering and the repayment of the bridge loans.
These Notes have not been registered under the Securities Act of 1933 or
any state securities laws and may not be offered or sold in the United States
absent registration or an applicable exemption from registration requirements.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, the Notes, nor shall it constitute an offer,
solicitation or sale in any jurisdiction in which such offer, solicitation or
sale is unlawful.
Gibson is one of the largest independent midstream energy companies in
Canada and is engaged in the transportation, storage, blending, processing,
marketing and distribution of crude oil, condensate, NGLs such as propane and
butane, refined products and natural gas. Through our extensive network of
integrated assets in western Canada and the northern United States, we move
hydrocarbon products to market utilizing our terminals, pipelines, tank
storage and truck transportation fleet, which, in concert with processing,
blending and marketing capabilities, provide valuable services to both
producers and consumers. To learn more about Gibson, visit www.gibsons.com.