Business
The Ten Things That You Should Know About Calfrac's Amended Recapitalization Transaction
The Ten Things That You Should Know About Calfrac's Amended Recapitalization Transaction ...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"CalfracWell-Amended\n \n \n \n The Ten Things That You Should Know About Calfrac's Amended Recapitalization Transaction\n \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 Canada NewsWire\n \n \n CALGARY, AB, Sept. 28, 2020\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Sept. 28, 2020\n \n /CNW/ - Calfrac Well Services Ltd. (\"\n \n Calfrac\n \n \" or the \"\n \n Company\n \n \") (TSX: CFW) responded today:\n \n \n The noise and distraction around Calfrac's improved Amended Recapitalization Transaction (the \"\n \n Amended Transaction\n \n \") continues, with another set of misleading press releases from Wilks Brothers. Calfrac wants to ensure that stakeholders have the key facts and context as they consider the Amended Transaction, so here are the\n \n \n ten things\n \n \n \n that Calfrac stakeholders should know:\n \n \n \n \n \n \n Calfrac is offering its Shareholders the opportunity to either receive\n \n $0.15\n \n per Share in cash or to retain their Shares, as they prefer; plus two new Calfrac Warrants, regardless of whether they select cash or retain their Shares, as previously described. The Warrants provide Shareholders with a meaningful option on the future of Calfrac in an improved business environment. This additional consideration is only available under the Amended Transaction and is not available if the Original Transaction is completed in CCAA proceedings.\n \n \n \n \n \n \n The Amended Transaction is the only viable transaction available to Calfrac and provides the highest level of certainty and consideration that Shareholders can expect to receive in connection with any executable recapitalization or restructuring. It is highly unlikely that Wilks Brothers Offer can be completed, since it does not address the\n \n US$431.8 million\n \n , plus accrued interest, owing under Calfrac's Senior Unsecured Notes. Calfrac is in default of the Senior Unsecured Notes and does not have the ability to repay the obligations in full. If the Amended Transaction is not completed under the CBCA Plan, the Company and the Consenting Noteholders have agreed to com...