Business
Calfrac Announces Expiration of Exchange Offer for its 8.500% Senior Unsecured Notes Due 2026
Calfrac Announces Expiration of Exchange Offer for its 8.500% Senior Unsecured Notes Due 2...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n\n\n\nCalfrac Announces Expiration 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. 25, 2020\n\n\n\nCALGARY, Feb. 25, 2020 /CNW/ - Calfrac Well Services Ltd. (\"Calfrac\") (TSX-CFW) is pleased to announce the expiration 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 newly issued 10.875% Second Lien Secured Notes due 2026 (the \"New Notes\") for validly tendered (and not validly withdrawn) 8.500% Senior Unsecured Notes due 2026 (the \"Old Notes\") of Calfrac Holdings.  This offer (the \"Exchange Offer\") expired at 11:59 p.m., New York City time, on February 24, 2020.\nAs previously announced, Calfrac Holdings increased the maximum aggregate principal amount of New Notes issued in exchange for Old Notes in the Exchange Offer to US$120,000,100 (the \"Maximum Amount\") and, as a result of the participation level and the Clearing Exchange Ratio described below, the Exchange Offer was oversubscribed as of 5:00 p.m. New York City time on February 7, 2020 (the \"Early Tender Time\") and any Old Notes tendered after the Early Tender Time were rejected.\nThe Exchange Offer provided for an early settlement on February 14, 2020 (the \"Early Settlement Date\") of Old Notes validly tendered prior to the Early Tender Time.  On the Early Settlement Date, Calfrac Holdings issued US$120,000,100 in aggregate principal amount of New Notes in exchange for US$218,182,000 in aggregate principal amount of Old Notes. \nThe final exchange ratio at which all Old Notes accepted for exchange in the Exchange Offer on the Early Settlement Date were exchanged for New Notes (the \"Clearing Exchange Ratio\") was US$550.00 in New Notes per US$1,000.00 principal amount of Old Notes.  Due to the fact that the aggregate principal amount of Old Notes validly tendered exceeded the Maximum Amount, Eligible Holders who validly tendered their Old Notes at the Clearing E...