January 12, 2017 / 5:31 PM / in 8 months

BUZZ-MEG Energy: Biggest loser on TSX after bought deal financing

** Canadian oil sands producer’s shares fall as much as 8 pct, their biggest intraday pct loss in 6 months

** Stock now down 7 pct at $7.83 is the top pct loser on the Toronto Stock Exchange, with volume 2x their 30-day moving avg

** MEG unveils refinancing plan, in which it is to extend maturity dates on its revolving credit facility and a $1.2 bln term loan, refinance $750 mln of unsecured notes

** MEG also hiked its bought deal financing to C$450 mln from C$357 mln, through issuance of 58.1 mln subscription receipts at C$7.75 apiece

** MEG also says plans to spend C$590 mln in 2017, 4.7x the C$125 mln spent in 2016; to fund capex though bought deal financing

** Up to Wednesday’s close, stock had risen about 49 pct in the last 12 months

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