Canada’s Tourmaline reducing interest in subsidiary
Tourmaline Oil, Canada’s largest natural gas producer, said August 31 it would sell 7mn of its shares in Topaz Energy, a royalty and infrastructure subsidiary it created in 2019, to a syndicate of underwriters led by investment banker Peters & Co.
Proceeds of the bought deal arrangement, estimated at C$108.2mn (US$85.7mn), will be used by Tourmaline to reduce debt, in keeping with its commitment to accelerate shareholder returns as long-term debt targets are achieved.
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Following closing of the offer on or about September 21, Tourmaline’s equity interest in Topaz will be reduced to 39.7% from 45.2%.