Keyera’s Note Switcheroo: What It Means for Calgary
Big financial moves are shaping Calgary’s energy landscape! Keyera Corp. just completed a significant financial maneuver on November 3, 2025, successfully swapping C$950 million in hybrid notes. This strategic play, which saw the conversion of C$600 million 6.875% Fixed-to-Floating Rate Subordinated Notes, Series 2019 (due June 13, 2079) and C$350 million 5.950% Fixed-to-Fixed Rate Subordinated Notes, Series 2021 (due March 10, 2081), garnered strong support, exceeding the necessary 66 2/3% approval from noteholders.
The updated notes maintain the same economic benefits but simplify terms by removing complex conversion clauses tied to bankruptcy events, aligning with Keyera’s newer securities. This brings enhanced stability to Keyera’s vast energy operations across Alberta. For Calgary, the heart of Canada's energy industry, this stability is key. Our city thrives as a global hub for oil and gas, with the sector supporting over 100,000 jobs and significantly contributing to the local GDP.
As Keyera, a recognized top employer here, continues its essential role in natural gas gathering, processing, and NGL transportation across North America, this financial certainty reinforces its position in a sector that is consistently adapting to new environmental policies and embracing innovation. It’s another clear sign of the strategic adjustments driving resilience in Calgary’s dynamic energy scene.
