CALGARY, Sept. 2, 2014 /CNW/ - Northern Blizzard Resources Inc. ("Northern Blizzard") (TSX:NBZ) announced today that it has completed the optional redemption of US$148,750,000 principal amount of its US$425,000,000 7.250% Senior Notes due 2022 (the "Notes"). The Notes were redeemed in accordance with their terms at a redemption price of $1,072.50, plus accrued and unpaid interest to (but excluding) the redemption date, per $1,000 principal amount of Notes redeemed. The total redemption price for the entire portion of the Notes redeemed, including accrued interest, was approximately US$160.5 million, which was funded with a portion of the net proceeds from Northern Blizzard's recently completed initial public offering.
Northern Blizzard is a Calgary, Alberta based Canadian crude oil production and development company focused on maximizing oil recovery from its large-scale low viscosity heavy oil resource base. The corporation's operations, infrastructure and concentrated land position are focused in the Kerrobert and Lloydminster areas of Saskatchewan. Northern Blizzard's common shares trade on the Toronto Stock Exchange under the symbol NBZ.
SOURCE: Northern Blizzard Resources Inc.
For further information: Northern Blizzard Resources Inc., Telephone: 403-930-3000; John Rooney, Chairman & Chief Executive Officer; Michael Makinson, Vice President, Finance & Chief Financial Officer