Business
Calfrac Announces Completion of 1.5 Lien Note Early Conversion Incentive Program
Calfrac Announces Completion of 1.5 Lien Note Early Conversion Incentive Program Canada...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n \n \n \n Calfrac Announces Completion of 1.5 Lien Note Early Conversion Incentive Program\n \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 Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Dec. 22, 2022\n \n \n /CNW/ - Calfrac Well Services Ltd. (\"Calfrac\" or \"the Company\") (TSX: CFW) is pleased to announce the completion of the conversion incentive program announced\n \n November 22, 2022\n \n (the \"Program\") in respect of its 10.0% 1.5 Lien Senior Secured Convertible PIK Notes due 2023 (the \"Notes\"). Approximately\n \n $44.8 million\n \n principal amount of Notes were converted under the Program. As a result of the Program, the Company:\n \n \n \n \n issued approximately 33.6 million common shares upon conversion of the participating Notes;\n \n \n \n \n reduced its outstanding indebtedness by approximately\n \n $44.8 million\n \n , leaving approximately\n \n $2.7 million\n \n principal amount of Notes outstanding; and\n \n \n \n \n realized savings of approximately\n \n $2.3 million\n \n of interest otherwise payable on the Notes to the maturity date.\n \n \n \n \n \n \n Pat Powell\n \n , Calfrac's Chief Executive Officer, commented \"We are pleased to execute this conversion program in collaboration with our investors. Moving forward, we will continue to focus on opportunities to deleverage the Company's balance sheet as a primary method to return value to shareholders.\"\n \n \n \n \n \n FORWARD-LOOKING STATEMENTS\n \n \n \n \n \n This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words \"seek\", \"anticipate\", \"plan\", \"continue\", \"estimate\", \"expect\", \"may\", \"will\", \"project\", \"predict\", \"potential\", \"targeted\", \"intend\", \"could\", \"might\", \"should\", \"believe\", \"forecast\" or similar words suggesting future outcomes, are forward-looking statements and information.\n \n \n \n \n In particular, forward-looking statements and information in this press release include, but are not limited t...