Business
Calfrac Announces Pricing of US$150 Million Add-on Offering of Senior Notes
CALGARY , Oct. 3, 2013 /CNW/ - Calfrac Well Services Ltd. ("Calfrac") (TSX-CFW) announ...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n\n\nCALGARY, Oct. 3, 2013 /CNW/ - Calfrac Well Services Ltd. (\"Calfrac\") (TSX-CFW) announced today that Calfrac Holdings LP (\"Calfrac Holdings\"), a\n Delaware limited partnership which is indirectly wholly owned by\n Calfrac, priced an offering of US$150 million aggregate principal\n amount of its 7.50% senior notes due 2020 (the \"notes\") at an issue\n price of 99.625% of the aggregate principal amount of the notes plus\n accrued interest from June 1, 2013.  The notes will be issued as\n additional notes under the indenture pursuant to which Calfrac Holdings\n previously issued US$450 million aggregate principal amount of its\n 7.50% senior notes due 2020 (the \"existing notes\").  The notes will be\n treated together with the existing notes as a single series of debt\n securities, and will have the same terms as and be fungible with the\n existing notes.  Calfrac and Calfrac Well Services Corp., its wholly\n owned subsidiary and a Colorado corporation, will fully and\n unconditionally guarantee the notes.  The offering is expected to close\n on or about October 8, 2013, subject to the satisfaction of customary\n closing conditions.\n\n\nCalfrac Holdings intends to use the net proceeds from the offering of\n the notes to repay indebtedness under Calfrac's credit facilities that\n was incurred in connection with Calfrac's previously announced\n acquisition of all of the operating assets of Mission Well Services,\n LLC.\n\n\nThe notes will be sold to qualified institutional investors pursuant to\n Rule 144A under the Securities Act of 1933, as amended (the \"Securities\n Act\") and to certain non-U.S. persons in transactions outside the\n United States pursuant to Regulation S under the Securities Act.  Any\n offers of the notes will be made only by means of a confidential\n offering memorandum.  The notes will not be registered under the\n Securities Act or any applicable state securities law, and may not be\n offered or sold in the United States absent registration under the\n Securities Act and applicable state securities laws or pursuant to\n available exemptions from such registration requirements.\n\n\nThis press release does not constitute an offer to sell or the\n solicitation of an offer to buy the notes, and there shall not be any\n sale of the notes in any state or other jurisdictio...