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Calfrac announces closing of US$650 million offering of senior notes
Calfrac announces closing of US$650 million offering of senior notes Canada NewsWi...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n\n\n\nCalfrac announces closing of US$650 million offering of senior notes\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 30, 2018\n\n\n\nCALGARY, May 30, 2018 /CNW/ - Calfrac Well Services Ltd. (\"Calfrac\") (TSX-CFW) announced today that Calfrac Holdings LP (\"Calfrac Holdings\"), a Delaware limited partnership which is indirectly wholly owned by Calfrac, has closed a private offering of US$650 million aggregate principal amount of its 8.50% senior notes due 2026 (the \"notes\"). Fixed interest on the notes is payable on June 15 and December 15 of each year. The notes will mature on June 15, 2026. Calfrac Holdings intends to use a portion of the net proceeds from the offering of the notes to fund a tender offer to purchase for cash up to all of its outstanding 7.50% senior notes due 2020 (the \"Existing Notes\"), with the balance to be used to partially fund the repayment in full of the remaining C$196.5 million principal amount of Calfrac's second lien senior secured term loan facility (the \"Term Loan\"). Calfrac Holdings intends to redeem any Existing Notes that remain outstanding following the expiration of the tender offer in accordance with the terms of the indenture governing the Existing Notes.\n\nThe notes and the related guarantees will be sold to qualified institutional investors pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\") and to certain persons other than \"U.S. persons\" in transactions outside the United States pursuant to Regulation S under the Securities Act. Any offers of the notes and related guarantees will be made only by means of a confidential offering memorandum. The notes will not be registered under the Securities Act or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration under the Securities Act and applicable state securities laws or pursuant to available exemptions from such registration requirements.\n\nThis press release does not constitute an offer to sell or the sol...