The offering would be comprised of $550m in aggregate principal amount of senior unsecured notes (about 9%), which will be due 2025. SGI stated the net proceeds from the offering to redeem $340.6m in outstanding senior notes (about 7%) due 2021. The sum would also cover additional fees, such as interest, premium, and costs, this will extend towards paying “related fees and expenses of the notes offering and to fund working capital and general corporate purposes.” The offering is set to close on 1 July. 

In April, SGI announced its plan to boost liquidity in the face of the COVID-19 pandemic. The company drew $480m from its revolving credit facilities and saved up $100m by cutting down on quarterly costs. And the company’s first-quarter net loss reached $159m. Additionally, CGI goes through management changes with a new chief financial officer Michael Eklund taking over the position from Michael Quartieri. 

The company remains optimistic about returning to breakeven levels by the end of the year. For the quarter ending in June, the company anticipates net cash outflow of between $70 - $90m.