Greenfire Upsizes Rights Offering to C$775M, Sets Terms at 15% Discount
GFR sits 49% above its 52-week low of $4.14.
Summary
Greenfire filed the final prospectus for its rights offering, upsizing it to C$775 million from the previously announced C$575 million. The subscription price is C$6.74 per share, a 15% discount to the five-day VWAP before the Connacher acquisition was announced. The offering is fully backstopped by Waterous Energy Fund, which owns 72% of the company, with no standby fee — a strong vote of confidence. Proceeds will repay the bridge loan and other debt from the C$1.29 billion Connacher acquisition, leaving the company with expected leverage of 1.2x debt/2027E EBITDA and C$425 million in liquidity. The record date is August 17 and the offering expires September 15.
At the time of this announcement, GFR was trading at $6.15 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $771.4M. The 52-week trading range was $4.14 to $7.02. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: TMX Newsfile.