Canadian E&P company Teine Energy is considering meeting with select high yield bond investors later this month to provide a company update, according to four sources familiar with the situation.
The possible meetings, which are being coordinated by National Bank of Canada, would take place in Canada and are tentatively scheduled for 19 June, two of the sources said. Backed by Canada Pension Plan Investment Board, Teine is headquartered in Calgary and focuses on the Viking light oil play in southwestern Saskatchewan.
The company has USD 350m of 6.875% senior unsecured bonds maturing in 2022, which it issued in 2014 to pay down a USD 300m second lien term loan due 2019, repay revolver borrowings and fund general corporate purposes.
The notes last traded on 28 May at 102 for a 5.294% yield, in line with recent levels, according to MarketAxess. They dropped to levels as low as 78 in early 2016, at a time of broader weakness in the energy sector, but have mostly traded around or above par in recent years.
Teine Energy and National Bank of Canada declined to comment.