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Calfrac Announces Exchange Offer For Its 8.500% Senior Unsecured Notes Due 2026
Calfrac Announces Exchange Offer For Its 8.500% Senior Unsecured Notes Due 2026 Ca...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n\n\n\nCalfrac Announces 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, Jan. 27, 2020\n\n\n\nCALGARY, Jan. 27, 2020 /CNW/ -  Calfrac Well Services Ltd. (\"Calfrac\") (TSX-CFW) is pleased to announce that Calfrac Holdings LP (\"Calfrac Holdings\"), a Delaware limited partnership which is indirectly wholly-owned by Calfrac, intends to offer to exchange (the \"Exchange Offer\") up to US$100,000,000 aggregate principal amount of Calfrac Holdings' newly issued 10.875% Second Lien Secured Notes due 2026 (the \"New Notes\") for validly tendered (and not validly withdrawn) 8.500% Senior Unsecured Notes due 2026 (the \"Old Notes\") of Calfrac Holdings. 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.\nThe Exchange Offer is being made, and the New Notes and the related guarantees will be offered and issued, only in the United States to holders of Old Notes who are reasonably believed to be qualified institutional investors pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\") and outside the United States to holders of Old Notes who are persons other than \"U.S. persons\" pursuant to Regulation S under the Securities Act. The holders of Old Notes who have certified to Calfrac Holdings that they are eligible to participate in the Exchange Offer pursuant to at least one of the foregoing conditions are referred to as \"Eligible Holders.\"  The Exchange Offer of the New Notes and related guarantees will be made only by means of an exchange offering memorandum (the \"Offering Memorandum\"). The New Notes will not be registered under the Securities Act or the securities laws of any other jurisdiction, and may not be offered in the United States absent re...