/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
CALGARY,
AB, June 19, 2024 /CNW/ - Veren Inc. ("Veren",
or the "Company") (TSX: VRN) (NYSE: VRN) has priced an offering of
CDN$1.0 billion aggregate principal
amount of senior unsecured notes, consisting of CDN$550 million of 4.968% five-year notes priced
at par and due June 2029, and
CDN$450 million of 5.503% 10-year
notes priced at par and due June 2034
(collectively, the "Notes"). The net proceeds will be used to repay
existing indebtedness, including fully retiring the Company's bank
term loan.
Veren has undergone a strategic transformation over the last few
years building scalable premium inventory, increasing its
production and cash flows, and strengthening and optimizing its
balance sheet. As a result, the Company recently received an
investment-grade credit rating of BBB (low), with a Stable trend,
issued by DBRS Limited ("Morningstar DBRS"). The Notes have also
been assigned a provisional rating of BBB (low), with a Stable
trend, by Morningstar DBRS.
The Notes will be direct, unsecured obligations of Veren that
will rank equally with all other present and future unsecured and
unsubordinated indebtedness of the Company and will be guaranteed
on a senior unsecured basis by certain of Veren's subsidiaries. The
Notes are being offered in Canada
on a private-placement basis in reliance upon exemptions from the
prospectus requirements under applicable securities legislation
(the "Offering").
The Offering was led by RBC Capital Markets and Scotia Capital
Inc., as Joint Lead Agents and Joint Bookrunners, and BMO Capital
Markets as Joint Bookrunner. The Notes are expected to be issued on
or about June 21, 2024, subject to
customary closing conditions.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy any of the Notes in any
jurisdiction. The Notes have not been approved or disapproved by
any regulatory authority. The Notes have not been and will not be
qualified for distribution to the public under the securities laws
of any province or territory of Canada and will only be sold to "accredited
investors" under applicable Canadian securities laws. The Notes
will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act"), or any state
securities laws, and will not be offered or sold within
the United States.
Advisory
Credit Ratings
Credit ratings are intended to provide investors with an
independent measure of credit quality of an issue of securities.
Credit ratings are not recommendations to purchase, hold or sell
securities and do not address the market price or suitability of a
specific security for a particular investor. There is no assurance
that any rating will remain in effect for any given period of time
or that any rating will not be revised or withdrawn entirely by a
rating agency in the future if, in its judgement, circumstances so
warrant.
Forward-Looking Statements
Certain statements contained in this news release constitute
"forward-looking statements" within the meaning of section 27A of
the Securities Act of 1933 and section 21E of the Securities
Exchange Act of 1934 and "forward-looking information" for the
purposes of Canadian securities regulations (collectively,
"forward-looking statements"). Forward-looking statements are
usually accompanied by words such as "anticipate", "expect",
"believe", "will", "may", "intend", or other similar expressions,
but these expressions are not the exclusive means of identifying
such statements.
In particular, this news release contains forward-looking
statements pertaining to, among other things, the following: the
expected timing and completion of the Offering and the expected use
of proceeds of the Offering.
All forward-looking statements are based on Veren's beliefs and
assumptions based on information available at the time the
assumption was made. Veren believes that the expectations reflected
in these forward-looking statements are reasonable but no assurance
can be given that these expectations will prove to be correct and
such forward-looking statements should not be unduly relied upon.
By their nature, such forward-looking statements are subject to a
number of risks, uncertainties and assumptions, which could cause
actual results or other expectations to differ materially from
those anticipated, expressed or implied by such statements,
including certain of those material assumptions and risks discussed
in the Company's Annual Information Form for the year ended
December 31, 2023 and the Company's
Management's Discussion and Analysis for the year ended
December 31, 2023.
Forward-looking information is given as of the date hereof.
Veren undertakes no obligation to update publicly or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, unless required to do so pursuant to
applicable law.
The forward-looking information herein is expressly qualified by
the foregoing cautionary statements.
FOR MORE INFORMATION ON VEREN, PLEASE CONTACT:
Sarfraz Somani, Manager,
Investor Relations
Telephone: (403) 693-0020 Toll-free (US and Canada): 888-693-0020
Address: Veren Inc. Suite 2000, 585 - 8th Avenue S.W. Calgary AB │T2P 1G1
www.vrn.com
SOURCE Veren Inc.
