Paul D. Davis*

Toronto

416.307.4137

[email protected]

Expertise Capital Markets & Securities Energy Manufacturing Mergers & Acquisitions Mining

Language(s) Spoken

English

*Paul Davis Prof Corp

Paul Davis is one of Canada’s leading public mergers and acquisition lawyers. He is widely recognized for providing trusted counsel on numerous high-profile proxy battles and precedent-setting contested transactions. Paul’s practice is focused on M&A, proxy fights, corporate governance, corporate finance and business restructuring for both private and public issuers across a wide range of industries, including financial services, technology, energy, mining and manufacturing. Paul leads the firm’s Capital Markets & Securities Group nationally as well as the firm’s public mergers and acquisitions practice.

Paul brings a unique insider’s perspective to his clients, having served as the head of investment banking at a Toronto-based brokerage firm, and a senior officer of several public and private companies before returning to private practice.

Recognized for success in his dealings with boards of directors, management teams and regulatory bodies, Paul has served as a director of 10 public companies, including as chair or a member of the audit, corporate governance and special committees.

Expertise

Industries

Practices

Representative Matters

Represented the Special Committee of Alpha Lithium in successfully obtaining enhanced value for shareholders from a hostile bidder
Represented Muddy Waters in connection with the successful reconstitution of the full board of Mayfair Gold Corp.
Represented the Special Committee of Bitfarms Ltd. in connection with the successful defence of a proxy contest initiated by a competitor
Advising public company issuers dissidents and investors, across all key industry sectors with respect to numerous high-profile proxy fights and precedent setting contested transactions. These include representing:
- Thoma Bravo in its $1.8 billion acquisition of Magnet Forensics Inc. (TSX:MAGT) and a successful defence to an activist seeking to solicit votes to block transaction
- Sun Valley Investments in connection with the successful election of its three nominees to the board of Canagold Resources Ltd.
- Madison Dearborn Partners in connection with its US$960 million acquisition of IPL Plastics Inc. (TSX:IPLP).
- The Catalyst Capital Group Inc. in its successful transaction to enhance shareholder value in connection with the going private transaction of Hudson’s Bay Company (TSX: HBC).
- Certain shareholders of Eco Oro Minerals Corp. (TSX:EOM) in connection with a requisitioned shareholders’ meeting to reconstitute the board, various litigation relating thereto and a settlement between Eco Oro and shareholders representing approximately 66.3% of the issued and outstanding common shares of Eco Oro.
- Aurora Cannabis (TSX:ACB) in its unsolicited takeover bid for CanniMed Therapeutics Inc. (TSX:CMED).
- Photon Control Inc. in a proxy fight led by three of the company’s directors in a dispute between a deadlocked board of directors.
- Harrington Global in the successful reconstitution of the boards of Dacha Strategic Metals Inc. (TSXV:DSM) and Longford Energy Inc. (TSXV:LFD).
- The principal shareholder of Goldstone Resources (TSX:GRC) in the successful reconstitution of the board.
- Columbus Gold Corp. (TSX:CGT) (OTCQX:CBGDF) in its successful pursuit of the reconstitution of the board of directors of Eastmain Resources Inc. (TSX:ER-T) and the termination of the CEO of Eastmain.
- Western Wind Energy (TSX:WND) on successful proxy fight defence.
The Government of Canada in connection with its inaugural $5 billion Green Bond issuance and its $500 million Ukraine Sovereignty Bond issuance
The Catalyst Capital Group Inc., in its capacity as plan sponsor in the restructuring of Pacific Exploration & Production Corporation, which resulted in the conversion of US$5.5 billion of unsecured listed bonds and bank lender debt into equity, and the funding by Catalyst of US$240 million also converted into equity on closing of the plan.
Niko Resources Ltd. (TSX:NKO) in connection with its US$340 million senior term loan credit facilities and amendment to the indenture governing its 7% senior secured convertible notes (CAD$115 million).
Wausau Financial Systems Inc., a subsidiary of Deluxe Corporation (NYSE:DLX), in its acquisition by plan of arrangement of all of the issued and outstanding shares of RDM Corporation (TSX:RC).
Israel Chemicals Ltd. (TLV:ICL) in the approximately US$164 million acquisition of Allana Potash Corp. (TSX:AAA).
The Catalyst Capital Group Inc. in connection with the $3 billion restructuring of Homburg Invest Inc., including an investment and the transfer of the valuable European property portfolio to a newly established European listed company controlled by Catalyst.
Petroflow Energy Corporation in the approximately US$200 million acquisition of all the shares of Equal Energy Ltd.; and a related US$51 million defeasance of Equal Energy’s (NYSE:EQU) (TSX:EQU) outstanding listed debentures.
Detour Gold Corporation (TSX:DGC ) in a US$500 million private placement financing of convertible notes.
private and public companies and independent directors thereof in connection with corporate governance matters.
The Bank of Nova Scotia, as administrative agent for a syndicate of lenders that included all six major Canadian banks, along with Desjardins, in negotiating a settlement of the lenders’ CAD$369 million loans to Yellow Media Inc. in connection with a CAD$2.4 billion recapitalization transaction pursuant to a plan of arrangement under the Canada Business Corporations Act and a termination and settlement agreement with the lenders under Yellow Media’s former credit agreement.

Speaking Engagements

Lawyers' Duties in an Age of Shareholder Activism, University of Toronto Faculty of Law

May 2, 2019 VIEW PRESENTATION

What you need to know about Corporate Governance in 2016, LexisNexis Webinar

May 2016

Insider Trading: Tips to Avoid Getting Caught Up in Enhanced Scrutiny by Regulators, ACC Canada

June 6, 2013 DOWNLOAD FILE

Shareholder Activism on the Rise - what you need to know, McMillan LLP National Seminar Series

February 14, 2013 DOWNLOAD FILE

Shareholder Activism is on the Rise - what you need to know, McMillan National Seminar, Toronto, ON

January 24, 2013 DOWNLOAD FILE

Accessing Asian capital through dual listings on the Hong Kong Stock Exchange, Alternative Finance Conference, Toronto

October 4, 2012 DOWNLOAD FILE

Timely disclosure obligations after Coventree, Association of Corporate Counsel (Ontario Chapter) seminar sponsored by McMillan

April 12, 2012 DOWNLOAD FILE

News

Media Mentions

“A newbie’s guide to corporate law” by Hadiya Roderique, The Globe and Mail (October 23, 2024)
“Catalyst proposal for HBC lacks credibility” by Andrew Willis, The Globe and Mail, December 3, 2019
“Canada needs to align short-selling regulations with U.S.” BNN Bloomberg, November 22, 2019
“Weak rules make Canada a ‘haven’ for short-sellers, report says” by Greg McArthur, The Globe and Mail, November 20, 2019
“Skirmishing not over in Eco Oro Minerals saga: Full disclosure is key when private placements become a weapon in proxy battles”, Lexpert Magazine, May 2017
“New Millennium Iron Corp board fends off dissidents in proxy fight” by Peter Koven, Financial Post, March 15, 2016
“Suncor Energy Inc to weigh options over weekend if it doesn’t win over enough Canadian Oil Sands Ltd shareholders” by Yadullah Hussain, Financial Post, January 8, 2016
“New Millennium Iron Corp shareholders call for drastic changes to directors’ expenses” by Peter Koven, Financial Post, January 4, 2016
“Limiting the OSC’s public interest jurisdiction” by Drew Hasselback, Financial Post, September 10, 2014
“Augusta decision is no prescription for use of poison pills” by Drew Hasselback, Financial Post, July 30, 2014
“Ontario judges ease the fairness opinion crackdown” by Drew Hasselback, Financial Post, June 11, 2014
“Advance notice provisions for new director nominations on the rise” by Janet McFarland, The Globe and Mail, August 22, 2013
“Stock fraud scams tough to combat in internet age“, CBC News, August 15, 2013
“Proxy battles set to heat up” by Drew Hasselback and Peter Koven, SR8, Financial Post, March 5, 2013
“CSA eyes exemptions allowing investors to buy securities without a prospectus” by Hellen Burnett-Nichols, Canadian Lawyer, June 2012

Rankings & Recognition

Recognized in the 2025 Canadian Legal Lexpert Directory as a Consistently Recommended lawyer in the area of Corporate Finance & Securities, and a Repeatedly Recommended lawyer in the areas of Corporate Mid-Market and Mergers & Acquisitions
Recognized by Best Lawyers in Canada (2025) as a leading lawyer in the areas of Corporate Law, Mergers and Acquisitions Law, and Securities Law
Recognized in the 2024 Lexpert Special Edition on Finance and M&A as one of Canada’s Leading Finance and M&A Lawyers
Recognized in the 2024 Canadian Legal Lexpert Directory as a Repeatedly Recommended Lawyer in the areas of Corporate Finance & Securities and Mergers & Acquisitions
Recognized by Best Lawyers in Canada (2024) as a leading lawyer in the area of Corporate Law, Mergers and Acquisitions Law and Securities Law
Recognized in the 2023 Lexpert Special Edition on Finance and M&A as one of Canada’s Leading Finance and M&A Lawyers
Recognized in the 2023 Canadian Legal Lexpert Directory as a Consistently Recommended Lawyer in the area of Corporate Finance & Securities and a Repeatedly Recommended Lawyer in the area of Mergers & Acquisitions
Recognized by Best Lawyers in Canada (2023) as a leading lawyer in the areas of Corporate Law; Mergers and Acquisitions Law and Securities Law
Recognized in the 2022 Lexpert Special Edition on Finance and M&A as one of Canada’s Leading Finance and M&A Lawyers
Recognized in the 2022 Canadian Legal Lexpert Directory as a Repeatedly Recommended Lawyer in the areas of Corporate Finance & Securities and Mergers & Acquisitions
Recognized by Best Lawyers in Canada (2022) as a leading lawyer in the areas of Corporate Law; Mergers and Acquisitions Law and Securities Law
Recognized in the 2021 Canadian Legal Lexpert Directory as a Repeatedly Recommended Lawyer in the areas of Corporate Finance & Securities and Mergers & Acquisitions
Recognized in the 2021 Lexpert Special Edition on Finance and M&A as one of Canada’s Leading Finance and M&A Lawyers
Recognized by the Best Lawyers in Canada (2021) as a leading lawyer in the areas of Corporate Law, Mergers & Acquisitions Law and Securities Law
Listed in the Legal500 Canada 2020 as a “Recommended Lawyer” – Corporate and M&A
Recognized in the 2019 Lexpert/ROB Energy – Special Edition as one of Canada’s Leading Energy lawyers
Recognized by Best Lawyers in Canada (2020) as a leading lawyer in the area of Corporate Law
Recognized in the 2019 Canadian Legal Lexpert Directory as a Repeatedly Recommended lawyer in the area of Corporate Finance & Securities
Recognized by Best Lawyers in Canada (2019) as a leading lawyer in the area of Corporate Law
Listed in Best Lawyers in Canada (2018) as a leading practitioner in the area of Corporate Law

Education & Admissions

1988

Called to the Ontario bar

1986

LLB University of Toronto

Publications

“Eye-popping Canadian Billion Dollar Damage Award May Shift the M&A Landscape“, Deal Points, Winter 2022, (Volume XXVII, Issue 1) (January 2022)
“Justifiable Expectations Standard: The Basis for the Exercise of the Public Interest Power of the Ontario Securities Commission” (August 22, 2014)
“The use of fairness opinions in a proxy circular“, ACC Ontario Securities Committee Newsletter, Volume I, Issue 2 (August 2014)
“Canadian Advance Notice Provisions Study” McMillan LLP (August 2013)
“Canadian Securities Regulatory Authorities Propose Two New Approaches to the Regulation of Shareholder Rights Plans – A Clash of Philosophies“, Deal Points, Summer 2013 (Volumes XVIII, Issue 3) (August 2013)
“Role of Shareholders in Corporate Governance”, CCH Ultimate Corporate Counsel Guide (2013)

Insights (46 Posts)View More

Black History, Black Futures with Paul Davis and Olympian Jerome Blake

In this episode, Paul Davis, Partner in our Capital Markets & Securities and Mergers & Acquisitions groups, spoke with Canadian Olympic gold medalist Jerome Blake on the importance of mentorship in his pathway to success.

Feb 20, 2025

Proposed Amendments to Strengthen Short Selling Regime: CIRO Seeks Stakeholder Feedback on Mandatory Close-Out Requirements

CIRO proposes amendments to UMIR and IDPC to strengthen Canada's short selling regime.

Jan 29, 2025

Ontario’s Capital Markets Tribunal Re-Frames the Public Interest Standard in Riot Platforms, Inc. v Bitfarms Ltd. and Ontario Securities Commission

The Ontario Capital Markets Tribunal creates a new standard for exercising its public interest power where a cease trade order for a rights plan is sought.

Nov 26, 2024

Boardroom Battle: Ontario Superior Court Denies Shareholder’s Proposal to Remove Director

The Ontario Superior Court of Justice confirmed that shareholders cannot employ the proposal mechanism under section 99 of the OBCA to remove a director.

Oct 17, 2024

Ten Years Later: The Justifiable Expectations Standard and the Evolution of Public Interest Powers in Canada

In this paper, the authors revisit the standards applied under the OSC's public interest jurisdiction, their shortcomings, and the need for a new framework.

Oct 15, 2024

Capital Markets Tribunal Decision Revisits Private Placements as Defensive Tactics

Mithaq contended that Aimia's private placement was an improper defensive measure aimed at hindering Mithaq's unsolicited take-over for bid for Aimia.

Mar 20, 2024

CIRO Proposes Amendments to Strengthen Short Selling Regulations

On January 11, 2024, CIRO proposed amendments aimed at strengthening short selling regulations in Canada.

Jan 17, 2024

British Columbia Securities Commission Holds that the Bar for a Finding of Parties “Acting Jointly or in Concert” is Set Relatively High

This bulletin provides key insights into the BCSC's ruling on the criteria for determining when parties are considered to have acted "jointly and in concert"

Jan 4, 2024

CSA and CIRO Provide Update on Short Selling Regulatory Regime Review

On November 16, 2023, the CSA and CIRO published CSA/CIRO Staff Notice 23-332 Summary of Comments and Responses to CSA/IIROC Staff Notice 23-329.

Nov 20, 2023

A Look at Some Key Findings by the Alberta Securities Commission in Re Bison Acquisition Corp.

On December 21, 2021, a panel of the Alberta Securities Commission issued its written decision providing its reasons for the oral ruling it made on July 12, 2021 regarding applications brought by Bison Acquisition Corp. and Brookfield Infrastructure Corporation Exchange Limited Partnership, as well as Inter Pipeline Ltd. and Pembina Pipeline Corporation.

Mar 20, 2023

Succeeding at Succession: Tips on Corporate Governance including How to Navigate Board Renewals and Elections

Stakeholders are demanding good corporate governance, which includes effective succession planning where a range of skills, experience, and backgrounds are highly valued and reflected. In collaboration with WATSON, a national multidisciplinary governance firm, join us in the morning on Wednesday, April 19, to discuss strategies and action plans that drive robust succession planning and strong corporate governance.

Details

Wednesday, April 19, 2023

McMillan Lawyers’ Comment Letter regarding Staff Notice 23-329: Short Selling in Canada

On December 8, 2022, the Canadian Securities Administrators (the “CSA”) and the Investment Industry Regulatory Organization of Canada (“IIROC”) jointly published Staff Notice 23-329: Short Selling in Canada (the “Short Selling Notice”), which reviews the current regulatory requirements and initiatives with respect to short selling and seeks public feedback on areas for regulatory consideration.

Feb 22, 2023

Black History, Black Futures with Paul Davis and Rob Davis

Paul Davis, Partner in our Capital Markets & Securities and Mergers & Acquisitions groups and Chair of the Board of Partners, speaks with his brother Rob Davis, Chair of the Board of Directors and Tax Partner of KPMG Canada, on his career journey and the path to improving representation in Canada’s boardrooms.

Feb 10, 2023

Ontario Superior Court Clarifies “Unreasonable or Unjustifiable” Delay for Requisitioned Meetings

The Ontario Superior Court ordered First Capital to hold a special meeting of unitholders more than two months earlier than originally scheduled.

Feb 7, 2023

The State of Play in Shareholder Activism: Issues, Concerns and Trends

Join us for a series of engaging discussions on shareholder activism in Canada. Industry experts will share valuable insights into regulatory and market issues, concerns and trends.

Details

Tuesday, February 28, 2023

Equity and Debt Activism – Implications for M&A and Special Situations

Join us on Thursday, March 2nd for a series of engaging discussions with industry experts who will share valuable insights into regulatory and market issues, concerns and trends.

Details

Thursday, March 2, 2023

CSA and IIROC Seek Stakeholder Feedback on Regulatory Framework for Short Selling

The CSA and IIROC jointly published Staff Notice 23-329 which reviews the current regulatory requirements and initiatives with respect to short selling.

Dec 19, 2022

Listed Issuer Financing Exemption: Canadian Securities Administrators Introduce Amendments to Facilitate Capital Raising with a Focus on Small Reporting Issuers

The Canadian Securities Administrators announced the introduction of a prospectus exemption which will be available to reporting issuers as of November 21, 2022.

Sep 14, 2022

IIROC Addresses Certain Naked Short Selling Concerns – IIROC Notice 22-0130

IIROC guidance regarding short selling in Canada (IIROC Notice 22-0130).

Aug 30, 2022

Alberta Securities Commission Provides Guidance On Shareholder Rights Plans, Break Fees and Use of Equity Swaps in Take-over Bid Context

An Alberta decision has held that the use of swaps in a hostile take-over bid can be abusive, and added guidance on shareholder rights plans and break fees.

Jan 12, 2022

Will a Billion Dollar Termination Shift the M&A Landscape?

The authors discuss the Ontario Superior Court of Justice's decision in Cineplex v. Cineworld, a "busted deal" case about interim operating covenants.

Dec 17, 2021

Capital Markets Modernization Taskforce Recommendations – Proxy System Corporate Governance and Mergers and Acquisitions

High-level overview and commentary on the recommendations set out in Section 2.4 of the Capital Markets Modernization Final Report

Mar 10, 2021

Fireside Discussion with Grant Vingoe, OSC Acting Chair

This discussion will highlight key priorities of the OSC, including an update on burden reduction work underway. Remarks will also focus on the OSC’s response to COVID19 and provide a regulatory roadmap for navigating contested transactions.

Jun 23, 2020

Protecting Against Shareholder Activism in Uncertain Times

The aftermath of the COVID-19 pandemic will provide unprecedented opportunities for shareholder activism and companies will need to prepare for coming campaigns.

Apr 6, 2020

The HBC Privatization: OSC Provides New Guidance For a Special Committee Process and Reconfirms Disclosure Obligations in Conflict of Interest Transactions

Ontario Securities Commission provides new guidance regarding the role and responsibilities of a special committee in a conflicted going private transaction.

Mar 3, 2020

Short Selling in Canada: Regulations are Weak and a New Path Forward is Needed to Reduce Systemic Risk

This bulletin summarizes our concerns and conclusions with respect to the Canadian short selling regulatory regime.

Nov 11, 2019

“Acting Jointly or in Concert” – Lack of Clarification and Guidance has Created Unnecessary Legal Wrangling, Particularly in Contested Transactions; A New Path Forward is Needed

As a finding of "joint actor" or "acting jointly or in concert" can result in significant obligations, we have published a paper that seeks to provide clarity

Sep 24, 2018

In Aurora, Securities Regulators Affirm the New Take-over Bid Regime and Signal that Exemptive Relief under the New Regime will Prove to be Difficult and that Tactical Shareholder Rights Plans may be Extinct

The OSC and the FCAAS released their reasons for the orders granted concerning the hostile take-over bid by Aurora Cannabis Inc. for CanniMed Therapeutics Inc.

Mar 20, 2018

Observations from the Eco Oro Proxy Contest

Today marks the first anniversary of the start of what was likely the most acrimonious proxy fight in Canada in 2017.

Feb 10, 2018

Canadian M&A Activity Continues to Grow as Securities Regulators Remain Focused on Protecting Minority Shareholders

Oct 1, 2017

Ontario Divisional Court Decision Confirms Shareholders’ Right to Requisition a Meeting

Ontario Divisional Court Decision Confirms Shareholders' Right to Requisition a Meeting

Jun 8, 2017

Government of Canada Provides Valuable Guidance on National Security Review of Foreign Investment in Canada

Jan 3, 2017

Hecla Decision—The British Columbia Securities Commission Continues to Narrow the Use of the Public Interest Power

Dec 11, 2016

Court of Appeal Overturns Approval of US$2.3 Billion Merger Between InterOil and ExxonMobil

Dec 3, 2016

Raising Capital and Planning an IPO in Healthcare and Life Sciences

For organizations considering, preparing for, or undergoing a major transaction – be it an IPO, sale or a milestone event – building a strategy to stay ahead can be a challenge.

Details

May 31, 2016 - 7:30 AM to 9:15 AM

What every GC needs to know about Corporate Governance in 2016

This webinar will help you bulletproof your board of directors and senior officers.

Details

May 11, 2016 - 12:00 PM to 1:30 PM

Early Warning Enhancements

Mar 4, 2016

For The Times They Are A-Changin: Canadian Regulators Adopt Fundamental Changes to the Take-over Bid Regime

Mar 3, 2016

It is Time to Rethink the Use of Fiduciary Out Termination Provisions and the Restriction on Changes in Board Recommendation in Canadian Merger Agreements[1]

It is Time to Rethink the Use of Fiduciary Out Termination Provisions and the Restriction on Changes in Board Recommendation in Canadian Merger Agreements1

Sep 26, 2015

SPACs, The “New” Private Equity Vehicle in Canada – An Asset Class of $800M and Growing

SPACs, The "New" Private Equity Vehicle in Canada – An Asset Class of $800M and Growing

Jun 30, 2015

British Columbia Securities Commission Seeks to Limit Exercise of Public Interest Power in the Enforcement Context

May 20, 2015

The Exercise of the Public Interest Power by the OSC – A New Standard is Needed

The ability of the State or any agency thereof to mete out sanctions in circumstances where there has not been a contravention of a clearly delineated statutory provision has generally been the purview of dictators or absolute monarchs.

Sep 4, 2014

Augusta decision—the British Columbia Securities Commission holds that the Right of a Shareholder to Tender to a Bid Remains Paramount

Jul 7, 2014

Advance Notice By-Laws, Part II – the Mundoro Capital Decision

Jul 1, 2012

Defensive Tactics – Public Interest Powers of Securities Regulatory Authorities Continue to Evolve – the Fibrek Decision

May 23, 2012

Advance Notice By-Laws – a Tool to Prevent a Stealth Proxy Contest or Ambush

Mar 12, 2012

Deals & Cases (20 Posts)

McMillan Advises Bitfarms in its Settlement of Hostile Takeover by Riot Platforms

On September 23, 2024, Bitfarms Ltd. entered into a settlement agreement with Riot Platforms Inc.

Sep 23, 2024

McMillan Advises Teck Resources on its US$1.38 Billion Cash Tender Offer

On July 17, 2024, Teck Resources Limited completed its US$1.384 Billion cash tender offers of its outstanding notes.

Jul 17, 2024

McMillan LLP Advises Government of Canada on its Second Green Bond Issuance

On March 5, 2024, the Government of Canada completed its second offering of green bonds, following the inaugural $5 billion offering in 2022.

Mar 5, 2024

McMillan Advises on Alpha Lithium Corporation’s Takeover Bid by Tecpetrol Investments S.L.

On October 22, 2023, Tecpetrol Investments S.L., a member of the Techint Group, acquired control over Alpha Lithium Corporation in an unsolicited takeover bid.

Dec 19, 2023

McMillan Advises Thoma Bravo in its $1.8 Billion Acquisition of Magnet Forensics Inc.

On April 6, 2023, Thoma Bravo successfully completed the acquisition of all of the issued and outstanding subordinate voting shares and multiple voting shares of Magnet Forensics Inc. (“Magnet”) (TSX: MAGT) for $1.8 Billion, by way of a plan of arrangement.

Apr 6, 2023

McMillan Advises the Government of Canada on its Ukraine Sovereignty Bond Issuance

On December 2, 2022, the Government of Canada completed its $500 million Ukraine Sovereignty Bond issuance.

Dec 2, 2022

Sun Valley Successfully elects dissident slate of Directors to Canagold Resources Board of Directors

McMillan acted for Sun Valley Investments LLC (“Sun Valley”) in connection with its opposition to the management and business direction of Canagold Resources Ltd. (TSX: CCM) (“Canagold”) and its proxy fight to change the board of directors by nominating a slate of three independent directors for election at Canagold’s Annual and Special General Meeting.

Jul 20, 2022

McMillan Advises Government of Canada on its First-Ever Green Bond Issuance

On March 29, 2022, the Government of Canada completed its inaugural $5 billion green bond issuance. This is the first ever offering of a green bond by the Federal Government and the largest Canadian green bond issuance to date.

Mar 29, 2022

Frontera Energy Issued US$400 Million in Senior Unsecured Notes

Frontera Energy Corporation (“Frontera”) (TSX:FEC) issued US$400 million in senior unsecured notes due in 2028 at a coupon rate of 7.875% and a related tender offer to repurchase, at a premium, the Company’s US$350 million 9.7% senior secured notes due in 2023.

Jun 21, 2021