Husky Energy Announces a Public Offering of 6.15% Notes

Husky Energy Inc. announced a public offering in the United States of US $300 million of 6.15%, 15- year notes due June 15, 2019. The notes will rank pari passu with other unsecured indebtedness of Husky Energy. The closing of the sale of the notes is expected to occur on Friday, June 18, 2004.

The sale of the notes is the second offering by Husky Energy under a shelf prospectus dated June 6, 2002, and filed with the Alberta Securities Commission in Canada and the Securities and Exchange Commission in the United States. The net proceeds from the sale of the notes will be used to repay existing bank indebtedness. The offering was lead by Citigroup. Joint bookrunners were CIBC World Markets and HSBC.

"We are pleased with the success of this note issue, which was oversubscribed," said Mr. John C.S. Lau, President & Chief Executive Officer, Husky Energy Inc. "As a result, the average term-to-maturity of the Company's debt has been significantly extended."

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