WINNIPEG, Manitoba / TORONTO (Reuters) – Canadian energy companies have about Cdn $ 6 billion ($ 4.42 billion) in refinancing needs this year, the Bank of Canada says.
FILE PHOTO: Oil pipeline warning signs are seen on a fence in “Refinery Row” outside of the facilities managed by Enbridge, Kinder Morgan and Suncor in Sherwood Park, near Edmonton, Alberta, Canada, November 13, 2016. REUTERS / Chris Helgren / File Photo
This year’s energy maturity debts are the most registered for the fourth consecutive year and an increase of more than 40% compared to 2019, according to data from Refinitiv. They are an existential threat to some companies during the industry’s worst crisis in decades, while others with stronger credit ratings may buy time in exchange for higher rates that hinder results. tmsnrt.rs/2BgS0rj
These are some of the companies maturing in 2020 and other short-term debt pressures.
Calfrac Well Services Ltd (CFW.TO): Deferred interest payment on June 15 for a debt of $ 432 million maturing in 2026. It has a grace period of 30 days before the default occurs.
Bonavista Energy Corp (BNP.TO): Recapitalized in June in a debt for equity swap that resulted in the company becoming private.
Husky Energy Inc (HSE.TO): Cdn $ 698.3 million in medium-term notes due in mid-March have been paid in full, a spokeswoman said.
AltaGas LtdALA.TO): Two maturities in 2020 total around C $ 980 million (US $ 550 million and C $ 200 million). Refinancing for 2020 includes one in April (C $ 594 million) and June (C $ 500 million).
BP Capital Markets (BP.L): It has a maturity of C $ 450 million, maturing on November 9.
Enbridge Inc (ENB.TO) (including subsidiaries): five maturities between July and December. Four total C $ 750 million and one is worth $ 300 million.
Spokesperson Jesse Semko: “Our remaining maturities in 2020 are relatively small, as we refinanced a significant amount in the first half of the year. We have ample liquidity. ”
Canadian Natural Resources Ltd (CNQ.TO): It has a maturity in August worth C $ 1 billion. Announced a $ 1.1 billion debt issue on June 22, primarily to refinance short-term debt.
Total Capital Canada Ltd: A maturity of 750,000 euros due July 9.
Keyera CorpKEY TO): Maturities for a total of C $ 109.4 million, maturing on September 8.
Sources: Refinitiv, companies.
(GRAPH: Digging through debt: here)
Reports from Rod Nickel in Winnipeg, Manitoba and Jeff Lewis in Toronto; Edited by Marguerita Choy
.
