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Calfrac Announces Pricing of US$650 Million Offering of Senior Notes
Calfrac Announces Pricing of US$650 Million Offering of Senior Notes Canada NewsWi...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n\n\n\nCalfrac Announces Pricing of US$650 Million Offering of Senior Notes\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, May 15, 2018\n\n\n\nCALGARY, May 15, 2018 /CNW/ - Calfrac Well Services Ltd. (\"Calfrac\") (TSX-CFW) announced today that Calfrac Holdings LP (\"Calfrac Holdings\"), a Delaware limited partnership which is indirectly wholly owned by Calfrac, priced an offering of US$650 million aggregate principal amount of its 8.50% senior notes due 2026 (the \"notes\") at an issue price of 100% of the aggregate principal amount of the notes plus accrued interest from May 30, 2018. Calfrac and Calfrac Well Services Corp., its wholly owned subsidiary and a Colorado corporation, will fully and unconditionally guarantee the notes.  The offering is expected to close on or about May 30, 2018, subject to the satisfaction of customary closing conditions.  \n\nCalfrac Holdings intends to use a portion of the net proceeds from the offering of the notes to fund a tender offer to purchase for cash up to all of its outstanding 7.50% senior notes due 2020 (the \"Existing Notes\"), with the balance to be used to partially fund the repayment in full of the remaining C$196.5 million principal amount of Calfrac's second lien senior secured term loan facility (the \"Term Loan\").  Calfrac Holdings intends to redeem any Existing Notes that remain outstanding following the expiration of the tender offer in accordance with the terms of the indenture governing the Existing Notes.\n\nThe notes and the related guarantees will be sold to qualified institutional investors pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\") and to certain persons other than \"U.S. persons\" in transactions outside the United States pursuant to Regulation S under the Securities Act. Any offers of the notes  and related guarantees will be made only by means of a confidential offering memorandum. The notes will not be registered under the Securities Act or the securities laws of any other jurisdiction, a...