TSX:KEYOil and Gas
Does Keyera’s (TSX:KEY) Hybrid Debt Overhaul Enhance Long-Term Stability and Earnings Potential?
On November 3, 2025, Keyera Corp. announced the completion of its consent solicitation process, securing strong approval from noteholders to amend C$950 million of its subordinated notes and exchange them for new notes with revised terms.
This amendment removes the automatic conversion to preferred shares upon bankruptcy events, aligning all of Keyera’s hybrid securities and reducing complexity and risk for debt holders.
We’ll now examine how the improved security structure for debt holders...