Obsidian Energy Provides Update on Offer to Purchase $3.0 Million of our Outstanding Senior Unsecured Notes

Rhea-AI Summary

Obsidian Energy (TSX: OBE, NYSE American: OBE) announced that its offer to purchase up to $3.0 million of its outstanding 11.95% Senior Unsecured Notes due July 27, 2027, has received no valid tenders before the March 11, 2025 deadline. The offer, which was announced on February 26, 2025, has now expired.

The company currently maintains $114.2 million in aggregate principal amount of Notes outstanding. The tender offer was administered by Computershare Investor Services Inc. as the tender agent.

Positive

• None.

Negative

• Failed tender offer with zero participation indicates potential lack of interest from noteholders
• High 11.95% interest rate on $114.2M outstanding notes represents significant debt servicing cost

News Market Reaction

+5.21%

1 alert

+5.21% News Effect

On the day this news was published, OBE gained 5.21%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Calgary, Alberta--(Newsfile Corp. - March 14, 2025) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") today provides an update on the previously announced offer (the "Offer") to purchase for cash, up to an aggregate amount of $3.0 million of our outstanding 11.95 percent Senior Unsecured Notes due July 27, 2027 (the "Notes"). The Offer expired on March 11, 2025, and was made on the terms and subject to the conditions set forth in the Offer to Purchase dated February 26, 2025.

There were no Notes validly tendered prior to the deadline at 5:00 p.m., EDT, on March 11, 2025. The Company currently has $114.2 million aggregate principal amount of Notes outstanding.

Computershare Investor Services Inc. served as the tender agent for the Offer.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

All figures are in Canadian dollars unless otherwise stated.

CORPORATE INFORMATION

Obsidian Energy shares are listed on both the Toronto Stock Exchange in Canada and the NYSE American exchange in the United States under the symbol "OBE".

CONTACT

OBSIDIAN ENERGY
Suite 200, 207 - 9th Avenue SW, Calgary, Alberta T2P 1K3
Phone: 403-777-2500
Toll Free: 1-866-693-2707
Website: www.obsidianenergy.com

Investor Relations:
Toll Free: 1-888-770-2633
Email: investor.relations@obsidianenergy.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/244456

FAQ

What was the outcome of Obsidian Energy's (OBE) March 2025 tender offer for its senior notes?

The tender offer received no valid tenders before the March 11, 2025 deadline and expired without any notes being purchased.

How much of OBE's senior unsecured notes remain outstanding after the March 2025 tender offer?

$114.2 million in aggregate principal amount of 11.95% Senior Unsecured Notes due July 27, 2027, remain outstanding.

What was the interest rate and maturity date of the OBE notes involved in the tender offer?

The notes carry an 11.95% interest rate and are due on July 27, 2027.

What was the maximum amount OBE offered to purchase in their March 2025 tender offer?

Obsidian Energy offered to purchase up to $3.0 million of their outstanding senior unsecured notes.