MEG Energy Corp. announced that, subject to market and other conditions, it plans to commence a private offering (the "offering") of USD 800 million in aggregate principal amount of senior unsecured notes due 2027 (the "notes"). MEG intends to use the net proceeds of the offering, if completed, and cash on hand to (i) redeem in full its USD 800 million aggregate principal amount of 6.375% senior unsecured notes due January 2023 (the "2023 Notes") and (ii) pay fees and expenses related to the offering. MEG also announced that it has issued (i) a conditional notice to redeem in full MEG's USD 800 million in aggregate principal amount of 2023 Notes at a redemption price of 101.063%, plus accrued and unpaid interest to, but not including, the redemption date; and (ii) a notice to redeem USD 100 million aggregate principal amount of its 6.50% senior secured second lien notes due 2025 (the "Second Lien Notes") at a redemption price of 104.875%, plus accrued and unpaid interest to, but not including, the redemption date. Each redemption is expected to be completed on or about February 18, 2020, and the redemption of the 2023 notes is conditioned upon the completion of the offering. Inclusive of the redemption of the Second Lien Notes, MEG will have redeemed USD 254 million of the original USD 750 million principal balance of the Second Lien Notes.