Seeking Alpha

Report: Sunshine Oilsands pulls $325M bond

  • Sunshine Oilsands (SUNYF), backed by Chinese investors including China Life (LFC), is abandoning a plan to issue a $325M bond after failing to attract buyers, Bloomberg reports.
  • Sunshine instead will pursue alternative financing led by Imperial Capital, Scotia Capital and Morgan Stanley, according to the report.
  • The company is targeting initial production of 5K bbl/day using steam to extract trapped reserves of bitumen at its West Ells project in the Athabasca oil sands region in Alberta.
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