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Ensign Announces Extension and Amendment to terms of Outstanding Unsecured, Subordinated Convertible Debentures
Ensign Announces Extension and Amendment to terms of Outstanding Unsecured, Subordinated ...
About this update from Ensign Energy Services Inc.
[{"type":"text","content":"\n \n \n \n Ensign Announces Extension and Amendment to terms of Outstanding Unsecured, Subordinated Convertible Debentures\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 \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n CALGARY, AB\n \n ,\n \n March 29, 2021\n \n /CNW/ - Ensign Energy Services Inc. (\"\n \n Ensign\n \n \" or the \"\n \n Corporation\n \n \") (TSX: ESI) announces that effective\n \n March 18, 2021\n \n , it has amended the terms of the unsecured, subordinated convertible debentures of the Corporation in the principal amount of\n \n $37,000,000\n \n (the \"\n \n Convertible Debentures\n \n \") which remain outstanding. The Corporation announced the issuance of the Convertible Debentures on\n \n March 29, 2018\n \n and\n \n April 12, 2018\n \n .\n \n \n Prior to the Amendments described below, the Convertible Debentures matured on\n \n January 31, 2022\n \n (the \"\n \n Maturity Date\n \n \") and bore interest from the date of closing at 7.0% per annum, payable semi–annually in arrears, on\n \n April 1\n \n and\n \n October 1\n \n of each year. The Convertible Debentures are convertible at the option of the holder into common shares of the Corporation (\"\n \n Common Shares\n \n \") at any time prior to the close of business on the Maturity Date upon at least 61 days prior notice, at a conversion price, prior to the Amendments, of\n \n $7.00\n \n per Common Share, subject to customary anti–dilution adjustments (the \"\n \n Conversion Price\n \n \"). Holders converting their Convertible Debentures will receive accrued and unpaid interest thereon (if any), up to, but excluding, the date of conversion.\n \n \n On\n \n December 31, 2020\n \n , the Corporation amended and extended its existing\n \n $900 million\n \n credit facility by amending or replacing certain financial covenant ratios and extending the maturity date of the credit facility to\n \n November 25, 2022\n \n . As a condition to the credit facility amendment, if, on or befo...