WINNIPEG, Manitoba/TORONTO (Reuters) - Canadian energy companies have some C$6 billion ($4.42 billion)in refinancing needs this year, the Bank of Canada says.
This year's maturing energy debts are the most on record for the fourth year in a row and a more than 40% increase over 2019, according to Refinitiv data. They are an existential threat for some companies during the worst industry crisis in decades, while others with stronger credit ratings may buy time in exchange for higher rates that hobble bottom lines. tmsnrt.rs/2BgS0rj
Here are some of the companies with 2020 maturities and other near-term debt pressures.
Calfrac Well Services Ltd (CFW.TO): Deferred its June 15 interest payment on $432 million in debt due in 2026. It has a 30-day grace period before default occurs.
Bonavista Energy Corp (BNP.TO): Recapitalized in June in a debt for equity swap that resulted in the company going private.
Husky Energy Inc (HSE.TO): C$698.3 million in medium-term notes due in mid-March have been repaid in full, a spokeswoman said.
AltaGas Ltd (ALA.TO): Two 2020 maturities total around C$980 million (US$550 million and C$200 million). 2020 refinancings include one in April (C$594 million) and June (C$500 million).
BP Capital Markets (BP.L): Has a C$450 million maturity, due Nov. 9.
Enbridge Inc (ENB.TO) (including subsidiaries): Five maturities between July and December. Four total C$750 million and one is worth $300 million.
Spokesman 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): Has one maturity in August worth C$1 billion. It announced on June 22 a $1.1 billion debt issuance, mainly to refinance short-term debt.
Total Capital Canada Ltd: One maturity of 750,000 euros expiring July 9.
Keyera Corp (KEY.TO): Maturities totalling C$109.4 million, due Sept. 8.
Sources: Refinitiv, companies
(GRAPHIC: Digging through debt: here)
Reporting by Rod Nickel in Winnipeg, Manitoba and Jeff Lewis in Toronto; Editing by Marguerita Choy