/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
CALGARY,
AB, June 21, 2024 /CNW/ - Veren Inc. ("Veren",
or the "Company") (TSX: VRN) (NYSE: VRN) has successfully closed
its previously announced offering of CDN$1.0
billion aggregate principal amount of senior unsecured notes
(the "Offering"), 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 Notes have been assigned a rating of BBB (low),
with a Stable trend, by DBRS Limited (Morningstar DBRS). The net
proceeds from the Offering will be used to repay existing
indebtedness under bank facilities, including fully retiring the
Company's bank term loan.
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 were offered in Canada on a
private-placement basis in reliance upon exemptions from the
prospectus requirements under applicable securities
legislation.
The Offering was led by RBC Capital Markets and Scotiabank, as
Joint Lead Agents and Joint Bookrunners, and BMO Capital Markets as
Joint Bookrunner.
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
were not and 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 were not 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or that any rating will not be revised or withdrawn entirely by a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 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.
