Deals this week: Canadian Natural Resources, PBF Holding Company, Middle Fork Energy

Canadian Natural Resources intends to raise $1bn through the issue of 2.95% unsecured notes in a public offering, which will yield 2.978% upon maturity on 15 January 2023.

RBC Capital Markets, Scotia Capital (USA), BMO Capital Markets Corp., CIBC World Markets Corp., Mizuho Securities USA, SMBC Nikko Securities America, and Wells Fargo Securities have been appointed as underwriters for the offering.

The proceeds from the offering are intended to be used by the company to partly fund the previously announced acquisition of working interest in the Athabasca Oil Sands Project, and to pay fees and expenses associated with the acquisition.

PBF Holding Company and an indirect subsidiary of PBF Energy have announced the pricing of 7.25% senior notes, due 2025.

The company intends to raise $725m through the private placement. PBF Finance Corporation, a wholly owned subsidiary of PBF Holding, will co-issue the notes.

Proceeds from the offering are intended to be used by the company to fund certain outstanding 8.25% senior secured notes due 2020 and for general corporate purposes.

The offering is scheduled to close on 30 May.

Middle Fork Energy Partners has secured commitment from Quantum Energy Partners for an equity investment of $200m.

Middle Fork is engaged in the acquisition, development and operation of properties in the Rocky Mountain region of the US.

Linn Energy has agreed to dispose its stake in oil and gas properties located in Kern County in the San Joaquin Basin, California, US, for $263m.

The assets include approximately 500 total net acres in the South Belridge field. As of 1 March, the proven developed reserves of the properties were estimated to be approximately 11.7mmboe.

Tudor, Pickering, Holt & Co. and Jefferies are the financial advisors, while Kirkland & Ellis is the company’s legal advisor for the transaction.

The proceeds from the sale are intended to be used by Linn Energy to reduce outstanding borrowings under its revolving credit facility and term loan.

The transaction is scheduled for completion on or before 31 July.

Chesapeake Energy Corporation intends to raise $750m through the issue of 8% senior notes, due 15 June 2027, in a private placement.

The proceeds from the placement are intended to be used by Chesapeake to fund tender offers for certain of its senior notes, and for general corporate purposes.

The offering is scheduled for completion on 6 June.