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Press release from Marketwire

Bonavista Energy Trust Announces Closing of Private Placement of Senior Notes

Tuesday, November 02, 2010

Bonavista Energy Trust Announces Closing of Private Placement of Senior Notes17:32 EDT Tuesday, November 02, 2010CALGARY, ALBERTA--(Marketwire - Nov. 2, 2010) - Bonavista Energy Trust ("Bonavista") (TSX:BNP.UN) is pleased to announce that it has closed a private placement of long-term debt in the form of guaranteed senior unsecured notes to a group of institutional investors. The notes issued pursuant to the private placement are ranked equally with Bonavista's obligations under its bank facility. In total, approximately $350 million (US$300 million and CDN$50 million) was raised through four separate series of notes under various terms and rates as described in the table below:Principal AmountTermCoupon RateCDN $50.0 million5 year term, due November 2, 20153.79%US $90.0 million7 year term, due November 2, 20173.66%US $160.0 million10 year term, due November 2, 20204.37%US $50.0 million12 year term, due November 2, 20224.47%The notes have a blended coupon rate of 4.12% and a weighted average term of 8.8 years.Proceeds from the offering were used to repay a portion of Bonavista's outstanding bank debt.Citigroup Global Markets Inc. acted as lead placement agent and sole bookrunneron the offering, and HSBC Securities (USA) Inc. and RBC Capital Markets Corporation acted as co-placement agents.The senior notes have not and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.Bonavista Energy Trust is a mid-sized energy trust created through the reorganization of Bonavista Petroleum Ltd. on July 2, 2003. Bonavista Energy Trust is committed to sustainable growth and distributions to its unitholders through the development of high quality oil and natural gas properties. Bonavista's trust units trade on the Toronto Stock Exchange under the symbol BNP.UN.Please visit our website at for detailed corporate information.FOR FURTHER INFORMATION PLEASE CONTACT: Chairman & CEOKeith A. MacPhail(403) 213-4300ORSenior Vice President & CFOGlenn A. Hamilton(403) 213-4300ORVice President, FinanceDean Kobelka(403) 213-4300OR700, 311 - 6th Avenue SWBonavista Energy TrustCalgary, AB T2P