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Calfrac Announces Early Tender Results, Upsizing and Oversubscription of Exchange Offer for its 8.500% Senior Unsecured Notes Due 2026
Calfrac Announces Early Tender Results, Upsizing and Oversubscription of Exchange Offer fo...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n\n\n\nCalfrac Announces Early Tender Results, Upsizing and Oversubscription of Exchange Offer for its 8.500% Senior Unsecured Notes Due 2026\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, Feb. 10, 2020\n\n\n\nCALGARY, Feb. 10, 2020 /CNW/ - Calfrac Well Services Ltd. (\"Calfrac\") (TSX-CFW) is pleased to announce the early tender results of the previously announced offer by Calfrac Holdings LP (\"Calfrac Holdings\"), a Delaware limited partnership which is indirectly wholly-owned by Calfrac, to exchange newly issued 10.875% Second Lien Secured Notes due 2026 (the \"New Notes\") for validly tendered (and not validly withdrawn) 8.500% Senior Unsecured Notes due 2026 (the \"Old Notes\") of Calfrac Holdings.\nThe offer contemplated the exchange (the \"Exchange Offer\") of up to US$100,000,000 aggregate principal amount of New Notes for Old Notes, subject to increase in the Maximum Amount (as described below).  Calfrac and Calfrac Well Services Corp., its wholly-owned subsidiary and a Colorado corporation, will fully and unconditionally guarantee the New Notes, which will be issued under a new indenture.  The New Notes will be secured by a second lien on the same assets that secure obligations under Calfrac's existing senior secured credit agreement.  \nCalfrac is also pleased to announce that Calfrac Holdings has increased the maximum aggregate principal amount of Old Notes it will accept for exchange in the Exchange Offer (the \"Maximum Amount\") to US$120,000,100, based on the final Clearing Exchange Ratio (as defined below).  Except as described in this press release, all other terms of the Exchange Offer as described in the Offering Memorandum (as defined below) remain unchanged.\nAccording to information provided by Global Bondholder Services Corporation, the information and exchange agent in connection with the Exchange Offer, as of 5:00 p.m., New York City time, on February 7, 2020 (the \"Early Tender Time\"), US$466,894,000 aggregate principal amount of Old Notes had been validly tendered (and not validly wi...