On January 16, 2025, Bonterra Energy Corp. (TSX: BNE) announced its $135 million private placement of five-year, 10.50% Senior Secured Second Lien Notes due January 28, 2030, which closed on January 28, 2025. The Notes, priced at $981.16 per $1,000 principal amount, carry a Morningstar DBRS rating of B with a stable trend. The Offering was underwritten by CIBC Capital Markets and ATB Capital Markets as joint active bookrunners, and RBC Capital Markets as joint passive bookrunner.

Proceeds were used to repay Bonterra's second lien term loan, reduce amounts drawn under its revolving first lien credit facility, and cover transaction expenses. Bonterra also issued a notice of redemption for its 9.00% senior unsecured debentures due October 2025, with redemption set for February 26, 2025.

BLG advised Bonterra, led by Lloyd McLellan, while Osler, Hoskin & Harcourt LLP advised the underwriters.